RVNL rises over 4% as JV emerges lowest bidder for Rs 543 crore project
Rail Vikas Nigam (RVNL) rose over 4% to Rs 185.6 in Tuesday's trade on BSE after a joint venture of the company emerged as the lowest bidder for a project worth Rs 543 from Madhya Pradesh Metro Rail Corporation.
«RVNL-URC joint venture emerges as the lowest bidder for part design and construction of an elevated viaduct, five elevated metro rail stations (viz. Shaheed Bagh, Khajrana Chauraha, Bengali Chauraha, Patrakar Colony and Palasia Chauraha) and ramp for Indore Metro Rail Project,» the company said in an exchange filing.
The project is to be completed in 1,092 days.
At 11.03 am, the scrip was trading 1.5% higher at Rs 180.8 on BSE.
The stock has also delivered multibagger returns to its investors, as the stock rallied over 160% year-to-date, while it has surged nearly 400% in the last two years. The stock also delivered over 670% in the past three years.
In Q2 FY24, the firm reported a 3.4% rise in profit at Rs 394.3 crore against Rs 381.2 crore in the year-ago period.
The revenue in Q2 FY24, however, climbed only marginally to Rs 4,914.3 crore, as compared to Rs 4,908.9 crore in the preceding year.
Its earnings before interest, taxes, depreciation, and amortisation or EBITDA declined 5.6% for the period under review, to Rs 298.3 crore, against Rs 315.9 crore year-on-year.
As per Trendlyne data, the average target price of the stock is Rs 155, which shows a downside of 15% from the current market prices.
The consensus recommendation from two analysts for the stock is a 'Hold'.
Technically, the stock's day RSI (14) is at 68.6. The RSI below 30 is considered oversold and above 70 is overbought, Trendlyne data showed.
MACD is at 2.4, which is above its center and signal Line, this is a bullish indicator. RVNL
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