Multibagger stock: Today, the railway stock reached a record high of Rs 567.60, up 15.49% from yesterday. For the third session in a row, the multibagger stock hit a new high.
Amidst rumours that 1.06 million shares of Rail Vikas Nigam Ltd (RVNL) changed hands in a block sale today, the company’s shares surged over 15% in early trade. Business Today was unable to independently confirm the veracity of these block deal allegations, though. Today, the railway stock reached a record high of Rs 567.60, up 15.49%. For the third session in a row, the multibagger stock hit a new high.
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Sentiment around the stock was also positive after reports said the Ministry of Railways plans to make another 10,000 non-AC coaches in 2024-25 and 2025-26 to meet the increasing demand and enhance passenger comfort for the common man on its network.
According to reports, the Ministry plans to roll out 4,485 non-AC coaches in the ongoing financial year (2024-25) and another 5,444 of these in 2025-26.
Total 49.61 lakh shares of RVNL changed hands amounting to a turnover of Rs 270.48 crore. Market cap of RVNL rose to Rs 1.16 lakh crore on BSE. RVNL shares have a one-year beta of 1.5, indicating high volatility during the period.
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The stock fell to a 52-week low of Rs 117.35 on July 13, 2023.
Technically speaking, RVNL’s relative strength indicator (RSI) is 82.5, indicating that it is trading in the overbought area. The 5 day, 10 day, 20 day, 30 day, 50 day, 100 day, 150 day, and 200 day moving averages are all being exceeded by the price of Rail Vikas Nigam shares.
As Indian Railways’ executing arm, RVNL handles projects given to it for completion on behalf of the ministry. It operates turnkey, handling every step of the project lifecycle from conception to commissioning, including design phases, estimate preparation, contract calling and awarding, project and contract administration.
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