RVNL's Joint Venture Emerges Lowest Bidder for Rs 174 Crore Railway Project, Shares Surge 3%

5 Sep 2023 , 01:54 PM

Rail Vikas Nigam Ltd (RVNL) sees a 3 % share surge as the company’s joint venture becomes the lowest bidder for a railway project worth Rs 174 crore. RVNL-MPCC JV secures the Lowest Bidder (L1) status for civil engineering and track works, including gauge conversion, between Petlad and Bhadran (22.50 km) in the Vadodara Division of Western Railway.

The project costs Rs 174.27 crore, with RVNL holding a 74 % stake in the JV and MPCC holding the remaining 26 %. RVNL shares have shown remarkable growth, with a 131 % Year-to-Date (YTD) increase and an outstanding 1-year return of over 380 %.

In its Q1 results, RVNL reported a 20.06 % YoY increase in revenue from operations at Rs 5,572 crore, with a net profit of Rs 343 crore, up 15.10 % YoY. RVNL, a government-owned ‘Navaratna’ company, specializes in railway infrastructure projects, encompassing track renewal, electrification, station modernization, and bridge construction.

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