RVNL surges 10% on multiple order wins; stock up over 200% thus far in 2024
The company also signed MoU with TATWEER Middle East and Africa LLC for using RVNL's expertise in railway sector.
 "RVNL surges 10% on multiple order wins; stock up over 200% thus far in 2024")
RVNL shares hit record high: Shares of Rail Vikas Nigam Limited (RVNL) surged 10.1 per cent to Rs 598 on the BSE in Wednesday’s intraday trade. 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 share price was 6 per cent higher at Rs 577.85 as compared to 0.13 per cent decline in the BSE Sensex. The stock had hit a record high of Rs 620 on Tuesday, July 9.
The market price of RVNL has zoomed 88 per cent from its previous month's low of Rs 312, touched on June 5. Besides, thus far in the calendar year 2024, RVNL share price has skyrocketed 223 per cent as compared to 11 per cent rise in the benchmark index.
In an exchange filing on Tuesday, RVNL said it has received 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 an another filing to the stock exchanges, RVNL said it has signed MoU with TATWEER Middle East and Africa LLC for using RVNL's expertise in railway sector, developing joint capabilities in design, and execution of various rail-based work in MENA region and European countries. RVNL would also supply, design, and help in implementation and commissioning of smart city, digital transformation and professional engineering services. READ HERE
That apart, RVNL also emerged as the lowest bidder (L1) from SER HQ Electrical, South Eastern Railway for the design, supply, erection, testing and commissioning of 132 KV traction substation, sectioning post (SPs), and sub sectioning post (SSPs) in 2x25KV System on Kharagpur-Bhadrak section of Kharagpur division of South Eastern Railway to meet 3000 mt. The project would take 18 months to execute and the cost of work stands at Rs 202.87 crore. READ FILING HERE
RVNL is engaged in the business of implementing various types of Rail infrastructure projects assigned by Ministry of Railways (MoR) including doubling (including 3rd/4th lines), gauge conversion, new lines, railway electrification, major bridges, workshops, Production Units and sharing of freight revenue with Railways as per the concession agreement entered into with MoR. The Company has formed Eleven SPVs.
RVNL has successfully constructed major workshops for Indian Railways in fast track mode. RVNL can thus undertake implementation of large buildings, factories, townships etc. for other agencies as well. With RVNL’s growth as a major provider of a variety of rail infrastructure, there is an opportunity of securing rail infrastructure projects overseas.