Rally In Railway Stocks; RVNL Jumps on Rs 239 Cr Order
Railway stocks also witness a robust rally as BEML, Titagarh Rail, Ircon International, IRCTC, RITES and IRFC surge up to 11 per cent intraday
The stock of PSU firm Rail Vikas Nigam rallied more than 6 per cent in the Tuesday trading session after the firm bagged Rs 239 crore from the South Eastern Railway.
The stock traded with 6.2 per cent gain to Rs 271 in the afternoon session on the National Stock Exchange (NSE).
“It is hereby informed that Rail Vikas Nigam has received letter of acceptance (LoA)
from Southern Railway for “Provision of Automatic Block Signalling system in Jolarpettai Junction to Erode Junction of Salem Division in Southern Railway,” informed RVNL in an exchange filing.
The order is expected to be executed within twelve months.
Earlier this month, RVNL also secured an order from South Eastern Railway to fulfil the 3,000 MT loading target.
The project included design, supply, erection, testing, and commissioning for the improvement of the electric traction system for the Rajkharsawan Nayagarh Bolani section of the South Eastern Railway's Chakradharpur division.
Notably, other railway peers also witnessed a robust rally in the Tuesday trading session. BEML, Titagarh Rail, Ircon International, IRCTC, RITES and Indian Railway Finance Corporation (IRFC) surged up to 11 per cent intraday.
RailTel stock increased by more than 10 per cent to reach an intraday high of Rs 393.55 per share.
IRFC stock also soared more than 7.1 per cent intraday to reach the day's peak of Rs 156.35. The stock has delivered more than 55 per cent returns in 2024 so far.
The shares of Ircon International also increased by more than 7 per cent to an intraday high of Rs 242.65 per share.
