RVNL Emerges Lowest Bidder For Rs 168 Cr Order; Stock Rallies 2%
The order states provision of automatic block signalling system with dual MSDAC and alteration in existing El/Pl/RRI stations
Railway Vikas Nigam (RVNL) stock rallied more than 2 per cent in the Tuesday trading session after the railway firm emerged as lowest bidder from East Coast Railway.
RVNL stock traded at Rs 399 with 2.3 per cent gain in the morning session on the National Stock Exchange (NSE).
“In terms of Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, it is hereby informed that Rail Vikas Nigam emerges as the Lowest Bidder (L1) from East Coast Railway,” stated RVNL in an exchange filing.
The order stated provision of automatic block signalling system with dual MSDAC and alteration in existing El/Pl/RRI stations in the section of Jakhapura-Nergundi, Khurda Road-Bhusundpur and Bhusundpur-Golanthra over Khurda Road Division of East Coast Railway
The order is worth around Rs 168 crore and expected to complete within 24 months.
RVNL also received multiple orders in the last week along with the joint ventures with Siemens from Bangalore Metro Rail Corporation for ‘Engineering, Supply, Erection, Testing and Commissioning of 33 KV Distribution, 750V DC Third Rail Traction Electrification including Traction Substations, Auxiliary Substations and SCADA System for Phase-2A & Phase 2 B.
The order worth Rs 394 crore is a joint venture, where 70 per cent will be shared with Siemens which is expected to complete in 130 weeks.
