RVNL Secures Major Railway Contracts, Shares Surge 2%

20 Dec 2023 , 12:20 PM

RVNL’s shares recorded gains for the second consecutive session, increasing by nearly 2%. The positive market performance follows the company’s announcement on Monday that it secured the lowest bid for a contract from Southern Railway.

The contract pertains to the significant upgradation and redevelopment of Varkala Sivagiri Railway Station in Kerala. The project’s total cost is Rs 123.36 crore, and it has been awarded to the joint venture between KRDCL and RVNL.

In the joint venture, KRDCL holds the majority share at 51% and is the lead partner in the collaboration. Additionally, RVNL recently declared its lowest bid status for a crucial project in partnership with URC Construction Pvt Ltd and Madhya Pradesh Metro Rail Corporation.

The project, valued at Rs 543 crore, involves the partial design and construction of an elevated viaduct, five elevated metro rail stations, and a ramp for the Indore Metro Rail Project.

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