RVNL on higher trajectory after signing JV with Texmaco, Price Target likely to change
The proposed shareholding of RVNL and Texmaco Rail & Engineering Ltd. will be 51% and 49%, respectively.
Shares of Railway PSU, Rail Vikas Nigam Ltd. (RVNL), are trading higher in Thursday’s trading session, as the company has entered into a Joint Venture Agreement with Texmaco Rail & Engineering Ltd. for undertaking projects in the railway and allied infrastructure sectors. According to the exchange filing, the joint venture company shall be incorporated subject to approval of RVNL’s Board of Directors and other statutory approvals.
The proposed shareholding of RVNL and Texmaco Rail & Engineering Ltd. will be 51% and 49%, respectively.
The stock opened today at Rs 316.00 and reached an intraday high of Rs 318.15 at BSE. The market capitalization of the company is at Rs 65.38K crore with a P/E ratio at 54.74 and a dividend yield at 0.55%. The 52-week high is at Rs 619.00.
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Order Book and Price Target:
The order book of the PSU company is currently standing at approximately Rs 1 lakh crore to Rs 1.01 trillion, where figures are mentioned in the reports of June and August. The long-term target price of the Railway PSU stock is around Rs 510 to Rs 560 with a middle average range, but volatile predictions of the stock are still prevailing. Meanwhile, some experts are bullish on RVNL, with potential targets reaching above Rs 550 to the higher range of Rs 700.
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