Rail Vikas Nigam (RVNL) Secures Bid for Maharashtra Metro Rail Corporation Projects; Share Price Rises 2%

31 Aug 2023 , 12:55 PM

RVNL share price increases by 2 % in early trade on August 31 after being selected as the lowest bidder (L1) for Maharashtra Metro Rail Corporation projects. The projects entail the construction of six elevated metro stations from Pili Nadi to Lekha Nagar in reach-2A, as well as one elevated and one at-grade station named ecopark and metro city respectively in reach-IA.

The scope also encompasses at-grade section formation earthwork, boundary wall, retaining wall, elevated metro track supporting structure for eco park metro station, and a multi-storied building at Tulsi School Land (Sitabuldi) of NMRP Phase-2. The collective cost for these projects amounts to Rs 256,19,87,814.

RVNL reported a 15 % YoY rise in consolidated net profit at Rs 343 crore and a 20 % increase in revenue to Rs 4,640.7 crore. In July, the company received a Letter of Award (LOA) for two projects from Madhya Pradesh Poorv Kshetra Vidyut Vitran Company in the Jabalpur Company Area, with a total project cost of Rs 331.62 crore. The share achieved a 52-week high of Rs 146.65 and a 52-week low of Rs 32.60 on July 24, 2023, and September 7, 2022, respectively.

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