RVNL Rallies 4% On Multiple Orders
The order worth Rs 394 crore is a joint venture, where 70 per cent will be shared with Siemens, whereas the order worth Rs 138 crore is expected to be completed in 24 months
Railway Vikas Nigam (RVNL) stocks rallied more than 4 per cent in the Tuesday trading session after the firm received multiple orders. Notably, one of the orders contained joint ventures with Siemens.
The stock traded at Rs 389 with 4.14 per cent gain in the afternoon session on the National Stock Exchange (NSE).
“It is hereby informed that Siemens-RVNL Consortium has received Letter of
Acceptance 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,” informed RVNL in an exchange filing.
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.
Additionally, RVNL also emerged as a lowest bidder from Central Railway for OHE modification work for Up-gradation of existing 1 x 25 kV Electric Traction System to 2 x 25 kV AT Feeding System in Amla-Nagpur Section in Nagpur division of Central Railway to meet 3000 MT loading target.
The order worth Rs 138 crore is expected to be completed in 24 months.
