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RVNL Share Price Jumps 8% In Trade Due To Rs 121 Crore Project & Skyrockets 522.56% In 3-Years
The share price of this public sector undertaking (PSU), Rail Vikas Nigam Ltd (RVNL) jumped nearly 8 per cent during the day's trade to end 4 per cent higher on Friday. The surge in price was on account of the company's announcement of bagging a Rs 121-crore project from the North-Central Railways.
In a statement release of Rail Vikas Nigam Limited on April 27, 2023, the project is for the provision of E1-based automatic signaling with continuous track circuiting and other associated works on the Jhansi-Gwalior section of the Jhansi Division of North Central Railway.
The timeline given to execute the order is 18 months (545 days/1.49 years), the construction arm of the rail ministry said in an exchange filing.
About Rail Vikas Nigam Limited (RVNL)
RVNL was incorporated as a PSU on 24, January 2003. The idea of the then late Hon'ble Prime Minister Atal Bihari Vajpayee was to bridge the infrastructure deficit on Indian Railways. It was set up the twin objectives of implementation of projects relating to creation and augmentation of capacity of rail infrastructure on fast track basis and raising of extra budgetary resources for special pupose vehicles (SPV) projects.
As per various media reports, RVNL has been contributing more than 30 to 35 per cent to the railway infrastructure. It has commissioned more than 15,000 route kilometers of the railway infrastructure, doubling new lines, gauge conversions and railway electrification. Besides, it is also engaged in metro construction. It has completed and commissioned 16 turnkey projects.
Over the years, the company has managed to consistently follow it three pillars of quality, speed and transparency to execute orders. In 2021-22 the company completed 18 projects.
Further, the Ministry of Finance has conferred a Navratna status to the company, so as to add it to the list of various other Navratna Central Public Sector Enterprises (CPSEs)
The term 'Navratna' refers to a select group of top-performing CPSEs that have been granted greater autonomy and financial powers by the Indian government in recognition of their superior performance.
The term 'Navratna', meaning nine gems, is used metaphorically to suggest that these companies are like the nine precious gems that shine brightly in the crown of Indian PSEs.
Share price movement
The stock price of RVNL closed at Rs 107.64 per share. In last seven days the share price has surged by nearly 39 per cent, while in one year and three years it has sky rocketed by about 217.52 per cent and 522.56 per cent respectively.
