RVNL share price gains 3% as it secures railways project worth ₹187 Crore
When Rail Vikas Nigam Ltd. (RVNL) won the ₹186.73 Crore East Central railway project, its stock price increased by almost 3% during Wednesday’s morning trading.
After market hours on Tuesday, Rail Vikas Nigam Limited took to the stock exchanges to announce that it had received a Letter of Acceptance from East Central Railway for the project of “Design, Supply, Erection, Testing & Commissioning of Traction Sub Stations with associated Switching Posts for upgrading work of electric traction system from 1X25 to 2 X 25 KV AT feeding system in Gomoh – Patratu Section of Dhanbad Division of East Central Railway.”
On Wednesday, the share price of Rail Vikas Nigam Ltd (RVNL) began at ₹443.75 on the BSE, 1.4% higher than its previous closing price of ₹437.60. After that, the RVNL share price increased even higher, reaching ₹451.85, representing gains of over 3%.
The project’s overall scope or size from East Central Railway is 186.76 crore. The project will be finished in fifty-four months.
At the end of November, Rail Vikas Nigam Limited announced that Punjab State Power Corporation Ltd. (PSPCL) had awarded them a project for ₹642 crore.
For the “Development of distribution infrastructure work for Package-3 Central Zone for execution of HT/LT (high tension/low tension) infrastructure loss reduction works under reforms-based and results-linked, revamped distribution sector scheme (RDSS) in the state of Punjab,” Rail Vikas Nigam Limited, also known as RVNL, had announced that it had been selected as the Lowest Bidder (L1) from PSPCL.
The project has a 24-month timeline for completion.
Even if the share price of Rail Vikas Nigam Ltd. has dropped considerably from its 52-week or one-year high of ₹647 in July 2024, investors have still received multi-bagger gains. To date, the share price of Rail Vikas Nigam Limited, or RVNL, has increased by over 148%.
