Shares of Rail Vikas Nigam rose more than 2% in morning trade on March 24 after the company announced that its joint venture had secured projects worth Rs 252 crore in Gujarat state.

Rachana – RVNL JV has received LOA for EPC mode in Gujarat (Package – 7), Rail Vikas Nigam said in a regulatory filing.

It added that the project cost was Rs 252,21,15,875.00.

Rachana Construction Co, Mehsana, has a 60% stake in the project, and Rail Vikas Nigam Limited (RVNL) holds a 40% stake.

The Office of the Executive Engineer has awarded the order to the National Highway Division, Ahmedabad. The contract will be completed within 30 months.

At 9:18 am, Rail Vikas Nigam was quoted at Rs 65.84, up Rs 1.18, or 1.82% on the BSE.

The stock hit a 52-week high of Rs 84.15 and a 52-week low of Rs 29 on November 29, 2022, and June 21, 2022, respectively.