Multibagger Navratna Stock Jumps 5.53% After Company Receives LoA From MGVCL

Construction company Rail Vikas Nigam Limited (RVNL) rallied 5.53% on Friday after the company received a Letter of Acceptance (LOA) from Madhya Gujarat Vij Company Limited (MGVCL).

The company received LOA for Full Turnkey Contract (Design, Supply, and Installation) for the Development of Distribution Infrastructure work for Loss reduction at Dist. Dahod under Revamped Reforms- Based and Results-linked Distribution Sector Scheme.

The project cost is Rs 282,11,91,634/-. The project is to be completed in 31 months.

The stock of RVNL closed at Rs 131 per share on Friday, touched an intraday high of Rs 139 and low of Rs 130.65 on BSE. Shares gained 11.58% in 1 week, and 319.58% in 1 year. Shares have rallied over 500%, giving multibagger returns in 3 years. The company has a market cap of rs 28,825.40 Crore.

Rail Vikas Nigam Limited (RVNL) is a midcap Navratna CPSE. The company began its operation in 2005 with the appointment of Board of Directors. The company was granted Miniratna status in September 2013. The Company is a wholly owned Government Company as a project executing agency working for and on behalf of MoR.