17-Jan-2024
2 mins read
RVNL stock price displayed a sharp rise of 15% in the current week and formed a highly bullish pattern on the chart. On January 15, Rail Vikas Nigam Limited came out as the lowest bidder for a power transmission project in MP worth Rs 251 crore.
This order by MP Madhya Kshetra Vidyut Vitaran includes supply, installation, testing and many other works. It will benefit the RVNL infra portfolio, which has already been anticipated by the investors. After emerging as a lower bidder, the stock price of RVNL surged and hit a new 52-week high.
Top Performing Railway Sectors Stocks
The railway sector is emerging as one of the top-performing sectors in the Indian stock market. Stocks like RVNL, IRFC, IRCTC, and IRCON have performed well in the last few months and rewarded their investors.
One of these stocks that surprised investors is the Indian Railway Finance Corporation (IRFC). It provides financing to Indian railways and acts as a lead financier for railway projects. The share price of IRFC is trading at Rs 146 and rose by 29% in the last three trading sessions.
Ram Mandir Inauguration May Boost Tourism
There is talk in the investor community about the Ram Mandir, and railway stocks, which come under the tourism sectors, may get a boost. The inauguration of Ram Mandir is scheduled for January 22, 2024.
It is expected that a large number of people from different parts of the country will visit Ayodhya. So, the first preference for the medium of transportation will be Railways. Therefore, investors should keep an eye on Tourism sector stocks, which might have more scope left.
Investors reacted positively to the recent developments in RVNL and IRFC. The small-cap companies are on investors’ radar. So, it will be interesting to see how railway sector stocks perform in the coming future.