RVNL zooms ~4% on bagging order worth Rs 311 crore

15 Nov 2023 , 01:14 PM

Rail Vikas Nigam (RVNL) shares climbed nearly 4% to Rs 162.9 on the NSE on Wednesday after the company obtained a letter of acceptance from the Central Railway for Rs 311.2 crore contract to build tunnels and bridges in Madhya Pradesh.

At around 1.10 PM, RVNL erased the morning gains and was trading 2.07% higher at Rs 160.15, against the previous close of Rs 156.90 on NSE.

‘The Letter Of Award received by the company includes the construction of 4 tunnels (total length 1.6km) with ballastless track, major bridges (1), construction of important bridges (2), earthwork in formation, minor bridges (25), supply of stone ballast, track linking, side drain retaining wall and other related works from Km 831.8 to Km 841.9 in Dharakoh Maramjhiri section in connection with third line,’ RVNL said in an exchange filing.

The company expects to complete the RS 311.20 crore order within a period of 18 months.

Earlier in October, RVNL-MPCC (JV) received a LOA for engineering works and the supply of 50 mm machine crushed stone ballast, as well as complete track works, including track linking, in connection with gauge conversion work between Nadiad and Petlad (37.26 km) on the Western Railway’s Vadodara Division. The order was worth Rs 245.71 crore.

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