RVNL gains on emerging as L1 bidder for HORC project worth Rs 1,088 cr

Rail Vikas Nigam (RVNL) rose 1.83% to Rs 64.06 after the company said that it emerged as the lowest bidder (L1) for composite contract package in connection with new BG Railway Line of Haryana Orbital Rail Corporation (HORC) project.

The cost of the project is Rs 1,088.49 crore and it is expected to be executed within 1,460 days.

The contract package includes design & construction of twin tunnel using New Austrian tunneling method (NATM) and cut & covers method. The project also comprises designing and installation of ballast less track (excluding supply of rails).

Further, the company will be also be responsible for detailed design, supply, installation, testing and commissioning of general electrical services including supply, erection, testing and commissioning of 11 kV HT/LT power and control cable network, and designing & construction of embankment, along with bridges and other miscellaneous works, RVNL stated .

Rail Vikas Nigam is in the business of executing all types of railway projects including new lines, doubling, gauge conversion, railway electrification, metro projects, workshops, major bridges, construction of cable stayed bridges, institution buildings etc. As of 31 December 2022, the Government held 78.2% stake in the company.

The company had reported 30.5% rise in consolidated net profit to Rs 382.42 crore in Q3 FY23 from Rs 293.01 crore posted in Q3 FY22. Revenue from operations declined marginally to Rs 5,012.09 crore in Q3 FY23 as against Rs 5,049.24 crore posted in the same quarter last year.

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