RVNL shares slip into red after hitting all-time high

RVNL’s shares fell in early trade today after the company said it had secured a project for Rs 38.10 crore. RVNL shares dropped 13% to Rs 351.70 on the BSE, from a previous close of Rs 404.50. Total of 30.62 lakh shares of RVNL changed hands, resulting in a high turnover of Rs 117.63 crore. The market capitalization of RVNL fell to Rs 78292.50 crore on the BSE. RVNL shares have a one-year beta of 0.1, suggesting strong volatility during that period.

The contract has a term of 15 months. The contract is for the ‘Provision of Auto Signalling with Electronic Interlocking (OFC Based)between Champa Saragaon-Baraduar-Sakti section with alteration inexisting Electronic Interlocking & Supply, Installation, Testing,Commissioning of new Electronic Interlocking, MSDAC & IPS etc.,execution of all indoor & outdoor works & construction and Electrificationof the huts etc. in Champa-Sakti Section of Bilaspur Division of S.E.C.Railways.”

In terms of technicals, RVNL’s relative strength index (RSI) is 85, indicating that it is trading in the overbought zone.

As of 12 PM, RVNL shares fell 9.55% to Rs.365. 95 on NSE.

RVNL is Indian Railways’ executing arm, working for and on behalf of the ministry on projects given to it for execution.  It operates on a turnkey basis, managing the whole project development cycle from conceptualization to commissioning, including design, estimate preparation, contract calling and awarding, and project and contract management.

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