Shares of Rail Vikas Nigham (NSE: RVNL) rose over 3 per cent on Friday, October 20, touching the day's high of Rs 172.65 on the BSE. The uptrend in the stock came after the company received a Letter of Acceptance (LoA) from the Vadodara Division of Western Railway for an order worth Rs 420 crore.

COMMERCIAL BREAK
SCROLL TO CONTINUE READING

At around 11:52 a.m., shares of RVNL traded 0.96 per cent higher on the BSE at Rs 168.25 apiece. The market capitalisation of the company at around the same time stood at Rs 35,080.46 crore.

The first order is received for engineering works and supply of 50 mm machine crushed stone ballast, complete track works, including linking of track works in connection with gauge conversion work between Nadiad- Petlad of the Vadodara Division on Western Railway. The order is valued at Rs 245 crore and has to be completed in 24 months.

Further, the second order was received from the Vadodara Division of Western Railway for the same work for the Petlad-Bhadran (22.5 km) stretch of the Vadodara division. The Rs 174 core order, too, has to be completed in 24 months.

"M/s RVNL-MPCC (JV) has received LOA for “All civil engineering works and supply of 50 mm machine-crushed stone ballast, complete track works, including linking of track works in connection with gauge conversion work between Petlad - Bhadran (22.50 kms) of Vadodara Division on Western Railway," the filing read.

Previously, RVNL had emerged as the lowest bidder for the 'TRC: Sukhovi-Pherima: Supply, Installation, Testing, and Commissioning of Integrated Tunnel Communication' system in the Sukhovi-Pherima new single-line section of Lumding Division.

The project cost was about Rs 28.74 crore.

RVNL share price: Past performance

In 2023, so far, the stock has gained over 145 per cent, thereby outperforming the headline index's rise of over 7 per cent. 

stock market updates here. For all other news related to business, politics, tech, sports and auto, visit Zeebiz.com.