Rail Vikas Nigam Ltd (RVNL) shares were in the red after surging 4 percent early in the session on February 24 on news of winning a Rs 197-crore order from Bhopal-based Madhya Kshetra Vidyut Vitaran Company.
Brokers attributed the fall to profit booking as investors may have decided to cash in on some of their paper profits after a near doubling of the stock price over the last year.
At 9.55 am, shares of RVNL were trading 1.5 percent lower at Rs 63.95 on the BSE.
RVNL won an order for the Bhopal region from MP Madhya Kshetra Vidyut Vitaran Company Ltd for supply, installation, testing and commissioning of new 11 KV line for bifurcation & interconnection, the company said in an exchange filing.
The company has already bagged seven orders in 2023.
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In the Union Budget presented on February 1, the Indian Railways got a capital expenditure push of Rs 2.4 lakh crore for the financial year 2023-24, an increase of 65.6 percent from the previous year.
"The Indian Railways capital outlay has been set at 2.40 lakh crore, highest ever; nine times of what was in 2013," Finance Minister Nirmala Sitharaman said in her budget speech.
With the highest ever allocation to the sector, there is optimism among market participants that railway-related companies will stand to benefit materially.
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