RVNL shares hit a record high after ₹827 cr block deal; check details

According to reports, around 1.4 crore shares of the state-run company changed hands in a large deal worth ₹827 crore.

The reports claimed that the shares were traded at an average price of ₹585 per share, against the previous close of ₹565.90 on the NSE.

The buyers and sellers of the shares were not known immediately, as the bourses would update these details after market hours.

Also Read: SALMAN stocks deliver a return of over 22% in 2024, beating HRITHIK and BHARATH

RVNL shares soared as much as 9.38% to hit a fresh 52-week high of ₹619 apiece on the NSE as more than 6.8 crore shares changed hands on the bourse.

However, the stock later pared early gains to trade 3.71% lower at ₹544.9 apiece on the NSE at 11:05 am.

RVNL shares have witnessed block deals for the second session in a row.

On Monday, more than 1.5 crore shares of the railway PSU changed hands in a block deal worth ₹840 crore.

The block deal was seen following a sharp 32% jump in RVNL shares in two sessions. The stock jumped 17% on Friday followed by 15% gains on Monday.

Meanwhile, exchange data showed that Graviton Research Capital sold and bought 1,11,03,624 shares of RVNL on the NSE in a single day.

Graviton sold 1.11 crore shares of the company at a price of ₹553.88 per share in a deal worth ₹615 crore.

The trading firm bought the same number of shares at a price of ₹553.48 in a deal worth ₹614 crore.

RVNL shares have seen high activity amid an agreement signed by the PSU with Delhi Metro Rail Corporation Ltd for participation in projects in India and abroad.

Last week, Union Minister of Railways Ashwini Vaishnaw announced major expansion plans for Indian Railways while addressing a gathering during a ceremony in Rail Bhavan.

To meet the growing demand for rail services, the Indian Railways announced plans to produce approximately 10,000 non-air-conditioned (non-AC) coaches over the next two years.

According to media reports, the ministry planned to roll out 4,485 non-AC coaches in the current financial year (2024-25) and another 5,444 in FY 2025-26.