Rail Vikas Nigam stock surge 13% in 2 days on Rs 1,173-crore railway contracts

RVNL informed that the company said it letter of acceptance from Southern Railway for provision of automatic block signalling in the Taduku-Renigunta section in the Southern Railway. The project cost is worth Rs 38.97 crore.

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The Rail Vikas Nigam (RVNL) share price jumped over 4 percent intraday on January 13 after the company bagged a project from Southern Railway.

The stock has jumped 13 percent in the last two days and was quoting at Rs 78.90, up Rs 3.10, or 4.09 percent, on the BSE at 11:44am. It has touched an intraday high of Rs 79.35 and an intraday low of Rs 77.25.

RVNL informed that the company said its letter of acceptance from Southern Railway for provision of automatic block signalling in the Taduku-Renigunta section in the Southern Railway. The project cost is worth Rs 38.97 crore. The project would be completed in 15 months.

The company on January 11 announced that it had bagged a Chennai Metro Rail project worth of Rs 1,134 crore and the project has to be completed in 1,065 days. The rail infrastructure company will construct an elevated viaduct, nine elevated metro stations, and a stabling viaduct.

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RVNL, its subsidiary and joint ventures are 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 the MoR.

The company’s major client is the Indian Railways and other clients include various central and state government ministries, departments, and public sector undertakings. RVNL has also started participating in Metro, highways and other infrastructure sectors through competitive bidding.