This railway company share surges on getting the status of a Navratna!
Share price zoomed to a lifetime high of Rs 118 in today's trade.
On Monday, The Rail Vikas Nigam Limited (RVNL) was given the designation of Navratna by the Department of Public Enterprises, the firm reported in a filing. Navratan corporations are state-controlled businesses in India that are permitted to accept investments up to a value of Rs 1,000 crore. With RVNL, India now has 15 Navratnas. It consists of businesses including Oil India Ltd., Bharat Electronic Ltd., and Hindustan Aeronautics Ltd.
Last month, a joint venture of RVNL and Russian firm Transmash Holding (TMH) emerged as the lowest bidder for the manufacture and maintenance of 200 lightweight Vande Bharat trains. A train set will cost Rs 120 crore rupees to produce, according to the consortium's estimate of about Rs 58,000 crore.
Share price moment
RVNL is currently trading at Rs 117.20, up by 9.56 points or 8.88% from its previous closing of Rs 107.64 on the BSE.
The scrip opened at Rs 111.30 and touched a high and low of Rs 118.40 and Rs 111.30, respectively. So far 48,97,646 shares were traded on the counter.
The BSE group 'A' stock of face value of Rs 10 has touched a 52-week high of Rs 118.40 and a 52-week low of Rs 29. The current market cap of the company is Rs 24,332.18 crore.
The promoters holding in the company stood at 78.20%, while Foreign Institutions and Domestic Institutions held 1.53% and 6.51%, respectively.
Rail Vikas Nigam Ltd (RVNL) was incorporated as a 100% owned PSU of the Ministry of Railways (MoR) on January 01, 2003, with the twin objectives of raising extra-budgetary resources and implementing projects related to the creation and augmentation of the capacity of rail infrastructure on a fast-track basis. By March 2005, RVNL became fully functional and is empowered to act as an Umbrella SPV (Special Purpose Vehicle) to undertake project development, resource mobilization, etc.
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