Rail Vikas Nigam’s (RVNL) shares surged by 26% in three trading sessions after winning multiple construction projects and being granted ‘Navratna’ status. RVNL recently won several contracts, including a ₹2,249 crore project to provide irrigation to 41,903 ha in Rajasthan and three underground packages worth ₹3,146 crore for Chennai Metro Rail phase-II. The ‘Navratna’ status allows RVNL greater financial autonomy, with the freedom to invest up to ₹1,000 crore without explicit government approval. Despite this, Trendlyne data suggests an average target price of ₹86, which implies a 32% downside from current market prices.
