The share price of Rail Vikas Nigam Ltd., or RVNL, surged by more than 4% in early trading on Tuesday following a few encouraging developments for the railway PSU company. On the BSE, RVNL shares increased by as much as 4.6% to ₹601.75 a share.
The previous session saw an 11% increase in RVNL shares, driven by strong buying activity in railway companies.
Shares of RVNL will be one of six equities that make up the MSCI India Index. The MSCI Global Standard Index comprises the India index, which includes Rail Vikas Nigam Ltd, Vodafone Idea, Dixon Technologies (India), Oil India, Oracle Financial, Prestige Estates, and Zydus Lifesciences. The August reshuffle was announced by MSCI.
Nuvama Alternative and Quantitative Research estimates that 31.8 million shares of RVNL will be traded, bringing in passive inflows of up to $219 million.
The global index provider has recently promoted RVNL stock to the large cap category of its Emerging Market India.
According to MSCI, all modifications will take effect at the end of August 30, 2024.
Technicals of RVNL Share
The price of RVNL shares is about to break out at ₹625.
The price of an RVNL share is predicted to reach ₹700 per share in the near future if it breaks above this barrier, according to Choice Broking Executive Director Sumeet Bagadia.
RVNL shares are on Bagadia’s list of the best breakout stocks to purchase right now. Following a breakout at ₹625, Bagadia advises holding long RVNL shares with a target price of ₹700 per share. He advises placing a stop loss at the ₹540 level in the RVNL stock transaction.
Performance of the RVNL Share Price
In just three months, investors’ money has more than doubled thanks to the multibagger railway PSU stock, RVNL shares. Over the last three months, the price of RVNL’s shares has increased by over 120%, and the railway stock has increased by over 217% year-to-date (YTD).
The share price of RVNL has had a remarkable multibagger return of more than 1,845% in three years and more than 356% in the last year.
A rise in railway equities caused RVNL shares to rise 11.01% on Monday and close at ₹575.20 a share on the BSE. The surge in railway stocks occurred subsequent to the approval of eight projects worth ₹24,657 crore by the Cabinet Committee on Economic Affairs, which was presided over by Prime Minister Narendra Modi.
RVNL shares were up 3.34% at ₹594.40 a share on the BSE at 9:25 a.m.
What is the future of RVNL’s share?
RVNL’s share price is approaching a new high of ₹625. According to Sumeet Bagadia, Executive Director of Choice Broking, if RVNL’s share price rises over this level, it is projected to hit ₹700 in the short term.
Is RVNL a good buy?
The general bias for RVNL stock is anticipated to remain favorable as long as it trades over Rs 490; however, current momentum suggests a 9% downside risk at the counter.
What is the target pricing for RVNL in 2024?
RVNL shares surged over 12% on Monday, August 12, reaching an intraday high of ₹581.7 per share on the NSE following the Union Cabinet’s approval of eight new railway projects.
The RVNL stock spike coincided with an overall upward trend in railway equities such as IRCON, IRFC, and RailTel. In early trading, the leading railway stocks soared by 3% to 10%.
On August 9, the Cabinet Committee on Economic Affairs approved new railway projects totaling ₹24,657 crore, resulting in an increase in the RVNL stock price.
The projects will span 14 districts in Odisha, Maharashtra, Andhra Pradesh, Jharkhand, Bihar, Telangana, and West Bengal.
The company’s consistent venture wins and execution capabilities have boosted investor confidence. Share Prices in 2024: As of January 2024, the share price of Rail Vikas Nigam Limited is INR 563.60.
Read Also: RVNL share price reaches 52-week high on project win of Rs 187.34 crore
