 "RVNL up 3% on securing LoA for order of Rs 284 cr from East Coast Railway")
RVNL share price: Rail Vikas Nigam Limited (RVNL) shares were in demand on Thursday, October 31, 2024 as the scrip soared up to 3.02 per cent to hit an intraday high of Rs 479.75 per share.
RVNL share price rose after the company announced that it has secured a letter of acceptance (LoA) for an order worth approximately Rs 284 crore from East Coast Railway.
RVNL, via an exchange filing said, “It is hereby informed that Rail Vikas Nigam Limited has received Letter of Acceptance from East Coast Railway for 3rd & 4th line between Jarapada & Talcher Road and Construction of New line between Angul- Balram (MCRL Inner Corridor Phase-I Doubling 14 Kms).: Execution of balance earthwork in formation, minor bridges, major bridges, P. way linking works, supply of ballast, S&T Buildings, Level Crossing and other Misc. works between Jarapada and Talcher Road excluding station yards in connection with 3rd& 4th line of Jarapada-Budhapank Project and between Angul & Balram including yards of MCRL Inner Corridor Phase-I Doubling.”
Under the terms of the order, RVNL will be responsible for constructing the 3rd and 4th lines between Jarapada and Talcher Road, as well as a new line between Angul and Balram (MCRL Inner Corridor Phase-I Doubling, 14 km). This includes the execution of remaining earthworks, minor and major bridges, track linking works, ballast supply, signaling and telecommunication buildings, level crossings, and other miscellaneous works between Jarapada and Talcher Road, excluding station yards, as part of the Jarapada-Budhapank Project. Additionally, it encompasses work between Angul and Balram, including yards for the MCRL Inner Corridor Phase-I Doubling.
The exact cost of the project is Rs 283,69,90,692.21, and it is expected to be completed in 24 months.
Rail Vikas Nigam Limited is a company based in New Delhi, specialising in the construction of rail infrastructure projects across the country. Established in 2003, the company is actively involved in the development and implementation of various railway projects, including new lines, doubling, gauge conversion, railway electrification, workshops, metro projects, bridges, construction of cable-stayed bridges, and institution buildings.
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Additionally, it offers financial resource mobilisation services to support its projects. Rail Vikas Nigam Limited caters to clients such as Indian Railways, central and state government ministries, departments, and public sector undertakings.
The market capitalisation of RVNL is Rs 99,236.53 crore, according to BSE. The company falls under the BSE200 category.
At 9:43 AM, shares of RVNL were trading 1.94 per cent higher at Rs 474.70 per share. In comparison, BSE Sensex was trading 0.36 per cent lower at 79,657.57 levels.