RVNL shares worth ₹827 Crore change hands in a block deal

9 Jul 2024 , 10:38 AM

Rail Vikas Nigam Ltd. shares rose up to 8% on Tuesday following another huge trading in the stock. The counter rose to a new 52-week high of ₹619.

However, later in the day, stock erased all the early morning gains, and was trading with a decline of 4%. At around 10.24 AM, RVNL was trading 4.07% lower at ₹542.85, against the previous close of ₹565.90 on NSE.

The transaction involved 1.4 Crore shares of the railway PSU worth ₹827 Crore, according to exchange statistics. The shares exchanged represent 0.7% of the company’s total equity. Shares traded for an average of ₹585 per share.

The purchasers and sellers in this transaction remain unknown.

This is the second consecutive day that such a trade has occurred in RVNL. On Monday, 1.5 Crore shares of the company, or 0.8% of total equity, changed hands in a deal worth ₹806 Crore. Shares traded at an average price of ₹560 per share.

The government now owns 72.84% of Rail Vikas Nigam as of the March quarter. The June quarter shareholding pattern has yet to be changed.

On Friday, the railway PSU’s market capitalization reached ₹1 Lakh Crore, making it only the second railway stock after IRFC to do so. The stock now has a market capitalization of ₹1.22 Lakh Crore.

RVNL is a Navratna PSU in India, administered by the Ministry of Railways, Government of India. The organisation manages projects from inception to commissioning and establishes project-specific SPVs.

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