Shares of Rail Vikas Nigam (RVNL) were trading in the green and 2% higher on 20 December after a Joint Venture (JV) of the company emerged as the lowest bidder for upgrading the Varkala Sivagiri railway station in Kerala.

In its regulatory filing, the company said, “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 joint venture is between the company and Karnataka Road Development Corporation Limited (KRDCL), where the company has a 49% stake in the JV and KRDCL has a 51% share.

Earlier last week, another company’s joint venture had emerged as the L1 for part design and construction of an elevated viaduct, 5 elevated metro rail stations, and a ramp for the Indore Metro Rail Project.

The project was awarded by the Madhya Pradesh Metro Rail Corporation for a total project cost of Rs 543 crore, and the project has to be executed in 1,092 days.

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

At 1:55 pm, the shares of RVNL had shed all their earlier gains and were trading 4.49% lower at Rs 175.60 on NSE.