PSU Price Target: RVNL bags major contract from DMRC, stock revives with marginal gain
RVNL shares rise after securing 447 crore DMRC contract for viaduct and station construction under Delhi Metro Phase IV
RVNL bags DMRC Phase IV contract worth 447 crore shares edge up
Shares of Rail Vikas Nigam Ltd (RVNL) are edging higher in the early Tuesday’s session after consecutive losses of trading. The company has secured a contract from DMRC worth Rs 447.42 crore.
State-owned Rail Vikas Nigam Limited has received LOA from Delhi Metro Rail Corporation Limited for “Contract D2C-02: "Part Design and Construction of viaduct of length 7.298 km. from Chainage 1202.782 M to Chainage 8501.25 M including seven (07) stations (only platforms) namely Pushp Vihar, Saket District Court, Pushpa Bhawan, Chirag Delhi, GK-1, Andrews Ganj and Lajpat Nagar including Pre-Engineered Building Structure in all stations of Lajpat Nagar to Saket G block corridor of Delhi MRTS Phase-IV Project.” The company informed through exchange filing.
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The time period by which the order is to be executed is 36 months. Currently, the shares of RVNL are trading higher by 0.50% at Rs 384.20 at BSE. The stock was plunged vigorously by over -6.12% with P/E ratio of 62.47. The stock open on Tuesday at Rs 386.00 and reached to an intraday high of Rs 391.45 at BSE.
The share price target of RVNL as per the analysts is Rs 339.50 with a potential upside to Rs 388.
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