RVNL stock price up after new Rs 495 crore order from NTPC

7 Jun 2024 , 02:12 PM

RVNL, a state-owned company, received a ₹495 Crore contract from the National Thermal Power Corporation (NTPC) on Thursday (June 6).

Following this development, RVNL’s counter jumped as much as 3% to an intraday high of ₹382.

At around 2.02 PM, RVNL was trading 1.38% higher at ₹373.75, against the previous close of ₹368.65 on NSE.

The Letter of Award outlines the Project Execution Agency’s (PEA) involvement in carrying out balance civil works at the Barrage Complex, including a portion of the Head Race Tunnel (HRT) package for the Rammam Hydro Electric Project Stage-III, with a capacity of 3×40 MW.

According to the corporation, the contract provides a 66-month completion period.

Rail Vikas Nigam’s net profit increased by 33.2% year on year to ₹478.6 Crore in the fourth quarter ending March 31, 2024. Rail Vikas Nigam reported a net profit of ₹359 Crore for the same period in FY23.

Revenue from operations climbed by 17.4% to ₹6,714 Crore, up from ₹5,719.8 Crore in the previous fiscal year. EBITDA increased by 21.8% to ₹456.4 Crore in the fourth quarter of current fiscal year, up from ₹374.6 Crore the previous year.

RVNL is a Navratna CPSE under the Ministry of Railways of the Government of India. On August 15, 2002, then-Prime Minister Bharat Ratna Shri Atal Bihari Vajpayee announced the National Rail Vikas Yojana (NRVY) to solve India’s railway infrastructure gap.

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