RVNL shares gain 2% after JV emerges lowest bidder for Kerala project

The total project cost is Rs 123.36 crore and is expected to be completed in 30 months.

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Shares of Rail Vikas Nigam (RVNL) gained nearly 2 percent in early trade on December 20 after a joint venture company emerged as the lowest bidder (L1) for the upgrade of the Varkala Sivagiri railway station in Kerala.

At 9:19am, Rail Vikas Nigam was quoting at Rs 187, up Rs 3.20, or 1.74 percent, on the BSE.

“The KRDCL-RVNL JV emerges as the lowest bidder (L1) for Varkala Sivagiri Railway Station – Major upgradation/redevelopment of Varkala Sivagiri Railway Station in Kerala,” the company said in its release.

The total project cost is pegged at Rs 123.36 crore and is expected to be completed in 30 months.

In the joint venture, KRDCL has share of 51 percent and RVNL has 49 percent.

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Last week, the RVNL-URC joint venture emerged as the lowest bidder for part design and construction of an elevated viaduct, five elevated metro rail stations (such as Shaheed Bagh, Khajrana Chauraha, Bengali Chauraha, Patrakar Colony and Palasia Chauraha) and ramp for Indore Metro Rail Project.

Madhya Pradesh Metro Rail Corporation has awarded the Rs 543-crore to be completed in 1,092 days.

In November, the company received a Letter of Acceptance (LoA) from the Central Railways for a project worth Rs 311.2 crore, to be completed in 18 months.