Shares of Rail Vikas Nigam Ltd (RVNL) soared by 4% on October 17, 2024, as the company emerged as the lowest bidder for a ₹270 crore project from Maharashtra Metro Rail Corporation. The project, involving the construction of 10 elevated metro stations, is to be completed in 30 months. 🔥
Project Breakdown 🏗️
- 7 Elevated Stations in Reach 3A: Hingna Mount View, Rajiv Nagar, Wanadongri, APMC, Raipur Hingna Bus Station, and Hingna.
- 3 Elevated Stations in Reach 4A: Pardi, Kapsi Khurd, and Transport Nagar.
This contract win comes shortly after RVNL secured another significant project with East Coast Railway, further showcasing the company’s strong momentum in the infrastructure space.
RVNL Stock Performance 🚀
In the last year, RVNL’s stock has skyrocketed by 180%, more than doubling investor returns compared to Nifty’s 26% gain during the same period. The stock has also gained 162% in 2024, far outperforming Nifty’s 14.8% return.
Investor Action 📈
RVNL’s stellar performance has caught the attention of both mutual funds and foreign institutional investors (FIIs):
- Mutual Funds picked up 28 lakh shares in September.
- FIIs increased their stake to 5.05% (10.52 crore shares) by the end of September, up from 3.13% in June.
With RVNL consistently winning major contracts and its stock outperforming, it’s clear that this PSU is a strong player in the Indian infrastructure boom! 💪