RVNL rallies over 7% on securing LoA of Rs 391 crore from Eastern Railways

Under the terms of order, RVNL will be responsible for the construction of Sitarampur bypass line under Asansol division of Eastern Railway

RVNL share price zooms: Shares of state-owned Rail Vikas Nigam Limited (RVNL) soared as much as 7.27 per cent to hit an intraday high of Rs 379 per share on securing Letter of Acceptance (LoA) for an order worth approximately Rs 391 crore. 

In an exchange filing, RVNL said, “It is hereby informed that Rail Vikas Nigam Limited has received Letter of Acceptance from Eastern Railway from Eastern Railway for construction of Sitarampur bye pass line under Asansol division of Eastern Railway.”

Under the terms of contracts, RVNL will be responsible for the construction of Sitarampur bypass line under Asansol division of Eastern Railway. The company is expected to wrap up the project in 24 months. 

 

Meanwhile, the project cost is Rs 390,97 35,276.55 crore.

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. 

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.

Earlier this week, RVNL emerged as  the Lowest Bidder (L1) from Dakshin Haryana Bijli Vitran Nigam Limited for implementation of SCADA and DMS/OMS works in Gurugram revamped distribution sector scheme (RDSS) in Dakshin Haryana Bijli Vitran Nigam (DHBVN). The order was worth Rs 124 crore. 

The market capitalisation of RVNL is Rs 77,875.50 crore. The 52-week high of the stock is Rs 424.95 while its 52-week low is Rs 116.15.

At 9:31 AM, shares of RVNL were trading 6.79 per cent higher at Rs 377.30 per share. By comparison, BSE Sensex was trading 0.26 per cent higher at 74,577.60 levels.