PSU Block Deal: RVNL shares hit record high, jump 35% in 2 sessions


PSU Block Deal: RVNL shares hit record high, jump 35% in 2 sessions:

PSU Block Deal: RVNL shares hit record high, jump 35% in 2 sessions

Shares of state-run Rail Vikas Nigam Ltd. (RVNL), are trading with gains of 15% on Monday (July 8), well above the mark of ₹550 per share. The multibagger stock is trading at a record high for the third consecutive session.

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A block deal took place in RVNL in trade today, where 1.5 crore equity shares or 0.8% of the company’s total equity changed hands. The shares changed hands at an average price of ₹560 per share.

Buyers and sellers in the transaction are not known. The stock saw a spike in trade after the block deal.

Sentiment around the stock was also positive after the company signed a Memorandum of Understanding (MoU) with Delhi Metro Rail Corporation Ltd. (DMRC) for participation in upcoming projects in India and abroad.

There were also reports suggesting that the Ministry of Railways aims 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.

As per the reports, the ministry plans to roll out 4,485 non-AC coaches in the ongoing fiscal and another 5,444 of these in FY26.

On the charts, the relative strength index (RSI) of the counter stood at 82.5, indicating RVNL is strongly overbought. This implies that stock may show pullback.

RVNL shares have a one-year beta of 1.5, suggesting very high volatility during the same period.

The counter was seen trading higher the 5-day, 10-day, 20-, 30-, 50-, 100-, 150- and 200-day simple moving averages (SMAs).

At the end of the March 2024 quarter, the government held a 72.84% stake in RVNL.

RVNL shares were trading 12.90% higher at ₹554.40. The stock has surged 350% in the last 12 months. Monday’s surge has taken the stock past ₹1.16 lakh crore in market capitalisation.

Author: naruv

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