Rail Vikas Nigam (RVNL) added 1.14% to Rs 65.40 after the company said that Rachana -RVNL joint venture (JV) has received letter of acceptance (LOA) for a project aggregating to Rs 252.21 crore in Gujarat.
The scope of the project entails upgradation to six lane with paved shoulder of Sarkhej-Changodar Section of NH-SA (New NH-47) for Ahmedabad-Bagodara-Rajkot road on EPC mode in the state of Gujarat, (Package-7).
The cost of the project is Rs 252.21 crore. According to the deal, Rachana Construction will hold 60% of the share while RVNL share will be 40% in the project.
The project is expected to be completed within 30 months.
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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