"RVNL Stock Price Witnesses 20% Surge on Upper Circuit Amidst Block Deals"

In the wake of multiple block deals, Rail Vikas Nigam Limited (RVNL) shares experienced a significant uptick, settling at the upper circuit with a 20% increase. This surge propelled RVNL shares to a fresh 52-week high, demonstrating a remarkable growth of over 280% in the past year.

On January 19, RVNL shares reached their upper circuit following undisclosed block deals, leaving the identities of buyers and sellers unknown at the moment. On the National Stock Exchange (NSE), the stock closed at Rs 292.3, reflecting a substantial 20% uptick from the previous session's closing price.

Technical indicators suggest that the stock is currently in the 'overbought' zone, marked by a Relative Strength Index (RSI) of 88.9.

Additionally, on January 16, RVNL secured the position of the lowest bidder for a significant Rs 251 crore project in Jabalpur. Earlier in the same month, the KRDCL-RVNL joint venture received approval for a substantial upgrade of Varkala Sivagiri railway station, with a project cost of Rs 123.36 crore.

The partnership in this venture involves KRDCL leading with a 51% share, while RVNL holds the remaining 49%. As outlined in an official filing with the exchange, the project is slated for completion within 30 months.

In a notable achievement in December 2023, the RVNL-URC joint venture emerged as the lowest bidder for the design and construction of an elevated viaduct, five elevated metro rail stations, and ramps for the Indore Metro Rail Project.

Investors have witnessed an impressive surge of 280.85% in the PSU stock over the past year, nearly quadrupling their wealth. During the same period, the Nifty 50 benchmark equity index has risen approximately 20%, highlighting the robust performance of RVNL in the market.