The company announced that JV has got a project worth Rs 252 crore in Gujarat, shares of Rail Vikas Nigam increased by more than 2% in the morning trade on March 24.
The project's scope includes upgrading the Sarkhej-Changodar Part of NH-SA (New NH-47) for the Ahmedabad-Bagodara-Rajkot road in Gujarat to six lanes with a paved shoulder.
The project will cost Rs 252.21 crore. In the terms of the contract, Rachana Construction will own 60% of the project's shares, while RVNL will own 40%. Within 30 months, the project is supposed to be finished.
Rail Vikas Nigam is in the business of carrying out various railway projects, such as new lines, doubling, gauge conversion, railway electrification, metro projects, workshops, significant bridges, cable stayed bridge construction, institution buildings, etc. At the end of 2022, the Government owned 78.2% of the business.
TECNICALS
Technically speaking, the relative strength index (RSI) for RVNL is 41, indicating that the stock is neither overbought nor oversold. The one-year beta of RVNL stock is 0.8, indicating low volatility over that time. The stock price of Rail Vikas Nigam is trading above the 200-day moving averages, but below the 5-20-50-100-day moving averages.
