RVNL shares in focus after Rs 404-crore East Coast Railway project win

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Rail Vikas Nigam Ltd (RVNL) shares will be in focus on Wednesday, February 5, after the company received a letter of acceptance from East Coast Railway for a Rs 404.4 crore contract under the Koraput-Singapur Road Doubling Project.

The project involves the execution of 27 major bridges, including 22 major bridges and five road-over bridges (ROBs), along with earthworks for the formation of approaches, protection works, and other miscellaneous tasks between Tikiri and Bhalumaska stations.


"Rail Vikas Nigam has received a Letter of Acceptance from East Coast Railway for the Koraput-Singapur Road Doubling Project: Execution of 27 Nos of Major Bridges i.e. (22 Nos of Major Bridges & 5 Nos of ROBs) and earthwork in the formation of approaches, protection works and other connected miscellaneous works between Tikiri and Bhalumaska stations in connection with Koraput-Singapur Road Doubling Project of Waltair Divison, East Coast Railway," the company said in a stock exchange filing.

The project is expected to be completed within 30 months. Earlier in January, the central public sector undertaking secured a Rs 3,622-crore contract from Bharat Sanchar Nigam Ltd (BSNL) for middle-mile network development.


Also Read: Stocks in news: Swiggy, Titan, Tata Power, Hero MotoCorp, Bandhan Bank

RVNL shares target price


As per Trendlyne data, the average target price of the stock is Rs 357, indicating a downside of 11% from the current market prices. The consensus recommendation from 2 analysts for the stock is a 'Sell'.

RVNL shares performance


On Tuesday, RVNL shares closed at Rs 400.2, down 1.73% on the BSE, while the benchmark Sensex surged 1.8%. The stock has declined 32% over the past six months but gained 453% in the last two years. The company’s market capitalization stands at Rs 83,442 crore.

Also Read: Q3 results today: Swiggy, Info Edge among 124 companies to announce earnings on Wednesday

(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of the Economic Times)

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