RVNL hits 52-week high; jumps 22% in three days

Rail Vikas Nigam (RVNL) rallied 5.51% to Rs 70.80, extending its gaining streak for the third consecutive trading session.

Shares of the PSU company surged 22.17% in three trading sessions from its previous closing low of Rs 57.95 on 22 November 2022. The stock hit its 52-week high of Rs 71.50 today. The counter has zoomed 144.14% from its 52-week low of Rs 29 hit on 29 February 2022.

On the BSE, 18.19 lakh shares were traded in the counter so far compared with average daily volumes of 45.63 lakh shares in the past two weeks. The stock hit a high of Rs 71.5 and a low of Rs 67.7 so far during the day.

The stock had outperformed the market over the past one month, rising 79.47% compared with 4.39% rise in the Sensex.

The scrip outperformed the market in past one quarter, surging 124.41% as against Sensex's 5.76% rise.

The counter had also outperformed the market in past one year, jumping 93.97% as against 5.72% increase in Sensex.

On the technical front, the stock's daily RSI (relative strength index) stood at 76.831. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

In daily chart, the stock is trading above its 50, 100 and 200 days simple moving average (SMA) placed at 43.06, 37.25 and 34.94 respectively. These levels will act as crucial support zones in near term.

On a consolidated basis, the company's net profit rose 36.52% to Rs 381.22 crore on 21.94% increase in net sales to Rs 4,908.90 crore in Q2 FY23 over Q2 FY22.

RVNL is a Category-I MiniRatna CPSE under the Ministry of Railways, Government of India. RVNL's mandate includes mobilization of extra budgetary resources through a mix of equity, and debt from banks, financial institutions, multilateral agencies like Asian Development Bank and bilateral agencies for project execution through PPP by formation of project specific SPVs for Port and Hinterland connectivity. RVNL can enter into and carry on business relating to creation and augmentation of capacity of rail infrastructure on fast track. As on 30 September 2022, the Government of India holds 78.20% stake in the company.

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