RVNL shares gain on bagging Rs 1,545 cr Maldives contract

This is a strategic project of the government and the cost is pegged at Rs 1,544.60 crore, said the company in a press release

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Share price of Rail Vikas Nigam (RVNL) opened 4 percent higher on December 28 after the company was appointed as the project implementation agency for development of the UTF Harbor Project in Maldives.

“This is a strategic project of the government and the cost is pegged at Rs 1,544.60 crore,” said the company in a press release.

At 9:30 am, the stock was quoting at Rs 66.35, higher by 4.4 percent. Trading volumes at the same time stood at 11 million shares on the NSE.

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The project will be executed within 24 months from now, added the exchange filing.

The Maldives project is the second big order win for RVNL within a week. On December 22, the company received a contract worth Rs 198 crore for construction of Bhesan Depot and workshop from Gujarat Metro Rail Corporation (GMRC). The said order will be executed within 20 months from now, said the company.

Prior to that, the company was awarded a contract worth Rs 137 crore for increasing speed potential to 160 kmph in Pradhankhanta – Bandhua section of Dhanbad Division under East Central Railway.

In Q2FY23, RVNL’s consolidated net profit jumped 36.5 percent year-on-year to Rs 381.22 crore on 21.9 percent rise in net sales to Rs 4,908.90 crore.

The stock has seen a significant run up in the past six months, gaining over 100 percent. Several rail stocks have seen tactical buying ahead of Budget 2023. As per news reports, the government might divest some stake in RailTel Corporation of India, RVNL and four other railway firms, which has boosted investor sentiment.