RVNL share price rises 10% despite weakness in Indian stock market on THIS order book update. Check details

Stock Market Today: RVNL share price gained more than 10% during the intraday trade on Friday, May 16, despite weakness in the Indian stock market, following an order book update.

RVNL share price movement

RVNL share price opened at ₹381.40 on the BSE on Friday. At the time of opening, RVNL share price was almost 1.5% higher than the previous day's closing price of ₹375.90. The stock thereafter gained further to the intraday high of ₹415, marking gains of more than 10% during the session so far.

RVNL order book update

Rail Vikas Nigam intimated the National Stock Exchange of India and the BSE that it has received a Letter of Acceptance or LOA from Central Railway.

As per the exchange filing, Central Railway has granted Rail Vikas Nigam Limited or RVNL a letter of acceptance for "OHE Modification Work for upgrading of existing 1x25 KV Electric Traction System to 2x25 KV at feeding system in Itarsi-Amla Section in Nagpur Division of Central Railway."

The time by which the order or the contract has to be executed by RVNL is 12 months. The broad consideration of the order stands at ₹115 crore.

“Cost of work is ₹115,79,37,241.11/- ( ₹One Hundred Fifteen Crore seventy- Nine Lakh Thirty-seven Thousand Two Hundred Forty-one rupees and eleven paisa) including applicable taxes,” RVNL said in a filing.

RVNL to consider dividend

While the company announced an order book update, it also informed the exchanges about an upcoming board meeting to consider the dividend for the financial year 2024-25 (FY25).

As per RVNL, the meeting of the Board of Directors of the company is scheduled on May 21, 2025, to consider and approve the recommendation of the final dividend.

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