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Rail Vikas Nigam Stock sees ₹827 Crore block deal, Shares Surge 8%

The estimated total cost of this project is Rs 132.59 crore, and it is scheduled to be completed within 2 years. 

Shares of Rail Vikas Nigam Limited (RVNL) surged around 8% during the early trading hours on 9 July after a huge trade took place of the company’s stock. Around 1.4 crore shares of the railway PSU exchanged hands, amounting to Rs 827 Crore as per data available from the exchanges.

A total of 0.7% of the company’s total equity accumulating over 1.4 crore shares exchanged hands at an average price of Rs 585 per share. The buyers and sellers involved in this deal are yet to be identified. 

Today is the second day in a row where such a deal took place in RVNL. Yesterday, around 1.5 crore shares were exchanged in a deal worth Rs 806 crore. Stocks were transferred at an average price of Rs 560 per share.

As of 31 March, the government owned a 72.84% stake in RVNL, whereas the June Quarter shareholding pattern has yet to be declared.

Stocks hit an intraday high of ₹620 today, extending its surge for the 5th consecutive session. Yesterday the stock rose 15%, following Friday’s rally.

Market capitalization of RVNL crossed Rs 1 lakh crore on friday, becoming only the second stock in railway industry to achieve this milestone. IRFC stock was the first to achieve this feat. Currently, RVNL’s Market Cap is around Rs 1.22 lakh crore.

At 11:00 am, the shares of RVNL cooled off from the day’s high and were trading 1.3% higher at Rs 574 on NSE.

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