Railway PSU stock RVNL to get focus, secures Letter of Award from Southern Railway

Shares of state-run Rail Vikas Nigam Ltd received the Letter of Award for a project from the Southern Railway. The company was declared as the lowest bidder (L1) for the said project on August 27 this year.

The scope of the order involves the provision of MSDAC with existing DCTC at stations and replacing the balance AFTCs across various sections of the Chennai Division in the Southern Railway.

The Rs 111 crore contract has to be executed in the next 18 months.

Shares of RVNL are currently trading 0.7% lower at Rs 470.75. The stock has experienced some buying interest in recent trading sessions, recovering 17% from the lows it reached in November of this year.

However, despite this slight recovery, the stock remains nearly 30% down from its peak of Rs 647. On a positive note, RVNL has posted an impressive gain of 158% so far in 2024.

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