RVNL shares hit all-time high before falling, analysts bullish on stock.

From Business Today: 2024-05-22 06:56:44

Shares of RVNL hit a lifetime high before settling lower at Rs 341.55. It reported a 33.2% increase in net profit YoY to Rs 478.6 crore in Q4 FY24, with revenue up 17.4% YoY to Rs 6,714 crore. The President approved NC Karmali’s appointment as part-time government nominee director.

Technical analysts see support at Rs 338 with resistance at Rs 345 for further upside targets of Rs 370 and Rs 395. Support will be at Rs 330 with resistance at Rs 360. RVNL is bullish but overbought with next resistance at Rs 366, and a close below Rs 322 could lead to a lower level of Rs 252 in the near term.

RVNL, an executing arm of Indian Railways, sees government holding a 72.84% stake in the firm. The company functions on a turnkey basis from project conceptualization to commissioning. Stock market news is for informational purposes only, readers should seek financial advice before investing.



Read more at Business Today: RVNL shares slip into red after hitting all-time high; here’s what analysts say