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RVNL Shares Rocket 12% on ₹24,657-Crore Railway Project Approval

RVNL shares soared over 12% to ₹581.7 on August 12 after the Union Cabinet approved ₹24,657 crore in new railway projects. Despite recent financial declines, the stock remains strong.
RVNL Shares Rocket 12% on ₹24,657-Crore Railway Project Approval

On Monday, August 12, RVNL shares surged over 12% to reach an intraday high of ₹581.7 on the NSE. This notable increase followed the Union Cabinet’s approval of eight new railway projects, boosting investor confidence in the stock. The positive trend extended to other railway stocks like IRCON, IRFC, and RailTel, which saw gains between 3% and 10% in morning trading.

The Cabinet Committee on Economic Affairs (CCEA) sanctioned new railway projects worth ₹24,657 crore on Friday. These eight projects, spanning seven states, aim to enhance connectivity and mobility within Indian Railways. According to the Ministry of Railways, the new developments will cover 14 districts across Odisha, Maharashtra, Andhra Pradesh, Jharkhand, Bihar, Telangana, and West Bengal.

The approved projects will expand the Indian Railways network by 900 kilometers and are projected to be completed by the Financial Year 2030-31. This announcement spurred a rally in railway stocks, with RVNL’s shares opening at ₹524 and climbing 12.26% to hit an intraday high of ₹581.7.

Despite the recent stock surge, RVNL reported a 35% year-on-year decline in consolidated net profit for the June 2024 quarter, totaling ₹224 crore. Additionally, the company experienced a 24% drop in revenue from operations for the same period.

By mid-afternoon, RVNL shares had slightly retreated but remained up by 11.43% at ₹577.35, reflecting ongoing investor optimism despite recent financial setbacks.

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