RVNL rises on emerging L-1 bidder for NHAI project worth Rs 1,272 cr

Rail Vikas Nigam (RVNL) gained 2.10% to Rs 64.23 after TTIPL-RVNL consortium emerged as the lowest bidder (L1) for a National Highway Authority of India (NHAI) project aggregating to Rs 1,271.99 crore.

The cost of the project is Rs 1,271.99 crore in which Tracks & Towers Infratech (TTIPL) share stands at 51% while the remaining 49% remains with RVNL.

The scope of the project entails six-lane Greenfield Varanasi-Ranchi-Kolkata highway from Sonepurbigha village to junction with NH-22 (Chatra Bypass) near Chatra under Bharatmala Pariyojana in the state of Jharkhand on hybrid annuity mode (Package-8).

The PSU company said that the project is expected to be completed within 2 years.

Meanwhile, the civil construction company on Friday announced 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.

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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