RVNL Stock Rallies 8% On Order Win From Eastern Railway
The project cost is pegged at about Rs 391 crore, while timeline for the completion of this contract is 24 months
The stock of state-owned company Rail Vikas Nigam (RVNL) rallied up to 8 per cent in the Thursday trading session after the firm received a letter of acceptance (LoA) from eastern railway for the construction of the by-pass line in Sitarampur under its Asansol Division.
The stock traded at Rs 380 with 7.6 per cent gain in the morning session on the National Stock Exchange (NSE).
The project cost is pegged at about Rs 391 crore, while timeline for the completion of this contract is 24 months, informed in an exchange filing.
Separately, RVNL also informed stock exchanges that it emerged as a lowest bidder (L1) from Dakshin Haryana Bijli Vitran Nigam for the implementation of some works in the Gurugram Revamped Distribution Sector Scheme (RDSS) in Dakshin Haryana Bijli Vitran Nigam for which the project cost is Rs 124 crore.
On Monday, the state-owned company received a LoA from South Central Railway for an engineering, procurement and construction (EPC) tender for the proposed doubling of railway track in a portion of the Nanded Division of South Central Railway, costing Rs 440 crore, to be completed in 30 months.
The central public sector enterprise RVNL under the Ministry of Railways was granted a 'Navratna' status last year. The Navratna companies have the autonomy to invest up to Rs 1,000 crore without seeking approval from the central government.
Rail Vikas Nigam's shares almost doubled so far in 2024 with 108 per cent returns.
