Photo: Twitter/@MetroRailNagpur
RVNL shares hit record high: Shares of Rail Vikas Nigam Limited (RVNL) rose 10.1 per cent to Rs 598 on the BSE in intraday trade on Wednesday. The rally in RVNL share price on July 10 comes after RVNL won a contract worth Rs 187 crore from Maharashtra Metro Rail Corporation (Nagpur Metro).
At 09:29 AM, RVNL stock price was up 6 per cent at Rs 577.85 as against a decline of 0.13 per cent in the BSE Sensex. The stock had touched a record high of Rs 620 on Tuesday, July 9.
The market price of RVNL has risen 88 percent from the previous month’s low of Rs 312, which was reached on June 5. Moreover, the price of RVNL has risen 223 percent so far in the calendar year 2024, compared to an 11 percent rise in the benchmark index.
In an exchange filing on Tuesday, RVNL said it has received a Letter of Acceptance (LoA) from Maharashtra Metro Rail Corporation (Nagpur Metro) for the construction of six elevated metro stations, namely Cantonment, Kamptee Police Station, Kamptee Municipal Council, Dragon Palace, Golf Club and Kanhan River Metro Station. The company said the project cost is Rs 187.34 crore and the order would be executed over 30 months.READ MORE
Meanwhile, in another filing with the stock exchanges, RVNL said it has signed an MoU with TATWEER Middle East and Africa LLC for leveraging RVNL’s expertise in the railway sector, developing joint capabilities in design and execution of various rail-related works in the MENA region and European countries. RVNL would also provide, design and assist in the implementation and commissioning of smart city, digital transformation and professional engineering services. READ HERE
In addition, RVNL also emerged as the lowest bidder (L1) with SER HQ Electrical, South Eastern Railway for the design, supply, erection, testing and commissioning of 132 KV Traction Substation, Section Post (SPs) and Sub-Section Post (SSPs) in 2x25KV system on Kharagpur-Bhadrak section of Kharagpur Division of South Eastern Railway to haul 3000 mt. The project would take 18 months to execute and the cost of work amounts to Rs 202.87 crore. READ THE ARCHIVE PHOTOGRAPHY HERE
RVNL is engaged in the execution of various types of railway infrastructure projects assigned by the Ministry of Railways (MoR) including doubling (including 3rd/4th line), gauge conversion, new lines, electrification of railways, major bridges, workshops, manufacturing units and freight revenue sharing with railways as per the concession agreement entered into with MoR. The company has formed eleven SPVs.
RVNL has successfully constructed large workshops for Indian Railways in fast track mode. RVNL can therefore undertake implementation of large buildings, factories, townships etc. for other agencies. With the growth of RVNL as a major supplier of a variety of railway infrastructure, there is a possibility of securing railway infrastructure projects abroad.
First print: Jul 10, 2024 | 10:04 AM IST