Railway Stock Surges 15.49% to Reach Record High of Rs 567.60 Today, Marks Third Consecutive Session of Growth as a Multibagger.
Shares of Rail Vikas Nigam Ltd (RVNL) surged more than 15% in early trading following reports of a significant block deal where 1.06 million shares of RVNL exchanged hands. However, the accuracy of these reports could not be independently verified by Business Today. The stock hit a record high of Rs 567.60, marking a 15.49% increase, continuing its upward trend for the third consecutive session.
Investor sentiment was bolstered by news that the Ministry of Railways plans to manufacture an additional 10,000 non-AC coaches in the fiscal years 2024-25 and 2025-26. This initiative aims to cater to growing demand and enhance passenger comfort across its network.
In the current fiscal year (2024-25), the Ministry plans to introduce 4,485 non-AC coaches, with an additional 5,444 coaches slated for the following fiscal year (2025-26).
Trading activity saw a turnover of Rs 270.48 crore with 49.61 lakh shares of RVNL changing hands, contributing to a market cap increase to Rs 1.16 lakh crore on the BSE. RVNL’s one-year beta of 1.5 indicates higher volatility over the period.
RVNL shares had previously dropped to a 52-week low of Rs 117.35 on July 13, 2023. Currently, the stock’s relative strength index (RSI) is at 82.5, suggesting it is in the overbought territory. Moreover, RVNL is trading above its 5-day, 10-day, 20-day, 30-day, 50-day, 100-day, 150-day, and 200-day moving averages.
RVNL serves as an executing arm of Indian Railways, undertaking turnkey projects from conceptualization through to commissioning. This includes design, cost estimation, contract management, and overall project execution on behalf of the Ministry.
