Shares of Rail Vikas Nigam Ltd. (RVNL) are trading with gains of over 2%, recovering significantly ahead of its June quarter results announcement.
Despite a 4.5% drop in August, RVNL shares have surged 44% in July, 9% in June, 33% in May, and 13% in April. The stock is up nearly 220% in 2024.
RVNL hit a record high of ₹647 on July 15, then corrected to recent lows of ₹542. Despite this correction, the stock's performance remains strong.
Listed in late-2019 at ₹19 per share, RVNL has given positive annual returns each year. 2024 is the best calendar year performance, surpassing the 166% surge in 2023.
Post-correction, RVNL trades at a one-year forward P/E multiple of 61.56, above the five-year average of 22.1.
Domestic Mutual Funds increased their stake to 0.19% from 0.09% in March. Small shareholders, those with authorized share capital of less than ₹2 lakh, increased by 2 lakh to 20.5 lakh.
RVNL shares are currently trading 2.2% higher at ₹578.3, up 367% in the last 12 months, showcasing robust growth and investor confidence.