Rail Vikas Nigam Shares Hit Record High On Contract Win
Rail Vikas Nigam Ltd. wins contract worth Rs 137.55 crore from Central Organisation for Railway Electrification.
Shares of Rail Vikas Nigam Ltd. surged to hit a record high after winning a contract worth Rs 137.55 crore from Central Organisation for Railway Electrification.
The contract involves modification work of the overhead equipment so as to increase speed potential to 16 kilometres per hour in Pradhankhanta - Bandhua Section of the Dhanbad Division under East Central Railway, as per the company's exchange filing.
Shares of the company surged 11.74% to Rs 51.05 as of 12:05 p.m. on Moday, compared to a 0.11% gain in benchmark Nifty 50. The stock had hit record high of Rs 54.15. Total traded volume is 10.9 times the 30-day average.
Of the two analysts tracking the company, both maintain 'buy'. The average of the 12-month consensus price target implies a downside of 17.2%.