RVNL Stock Surges Over 1% Following Maharashtra Metro Project Worth Rs 339 Crore

RVNL's stock prices climbed by more than 1 per cent after the company secured a project worth Rs 339 crore from Maharashtra Metro Rail Corp.
Rail Vikas Nigam Limited (RVNL)
Rail Vikas Nigam Limited (RVNL)

RVNL's stock price witnessed an increase of more than a per cent on Monday after the infrastructure arm of the Ministry of Railways, reported that it has received a Letter of Acceptance (LOA) from Maharashtra Metro Rail Corporation Limited for a project worth Rs 339 crore.

As per the disclosure made to the stock exchanges, the agreement involves the 'design and construction of elevated viaduct' of Length 4.519 Kms between PCMC and NIGDI (Bhakti Shakti) on the NorthSouth Corridor of Pune Metro Rail.

At 10:40 am, the shares of RVNL were trading at Rs 247 price level, up by 0.75 per cent on the National Stock Exchange.

The project is scheduled to be completed within 130 weeks, as per the exchange filing.

The company had earlier received two more projects. The first contract, valued at Rs 173 crore, came from Madhya Pradesh Power Transmission Co. Ltd. It involves the "Construction of 132 kV & 220 kV Transmission Lines and associated Feeder Bays on total Turnkey basis in Eastern MP." The project is expected to be completed within 18 months.

The second contract, worth Rs 193 crores, is from Rajasthan Rajya Vidyut Prasaran Nigam Limited, and involves the "Construction of New 8 Nos. 132 kV GSS Arnod, Chitamba, Devri, Jarkhoda, Peelwa Nadi, Ralawata, Seeswali and Tarnau along with associated lines and 132KV bays including supply of all equipments/materials." The project is expected to be finished within a 24-month timeframe.

On an annual basis, the shares of RVNL have soared to more than 280 per cent or 181 points on the National Stock Exchange.

Related Stories

No stories found.
Outlook Business & Money