Rail Vikas Nigam closes marginally higher at Rs 19.05 on Day 1
Shares of Rail Vikas Nigam closed marginally higher after a volatile trade on April 11, the first day of its trading on exchanges.
The stock closed at Rs 19.05 on the BSE, up Rs 0.05 or 0.26 percent over the issue price of Rs 19.
After opening flat at Rs 19, it immediately drifted lower and hit an intraday low of Rs 18.60, but it managed to rebound in early trade itself and gained further momentum in late morning deals to hit a day’s high of Rs 19.75 (up nearly 4 percent), followed by rangebound trade.
The company’s market valuation stood at Rs 3,971.96 crore on the BSE.
RVNL’s Rs 480 crore initial public offer was opened for subscription earlier this month with a price band at Rs 17-19 per share and was subscribed 1.8 times.
RVNL is in the business of executing all types of railway projects, including new lines, gauge conversion, railway electrification, metro projects, major bridges and construction of cable-stayed bridges.