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By EquityPandit

MARKETS

Rail Vikas Nigam Shares Rally 4% on Securing Order Worth Rs 404 Crore 

Earlier on 31 December, the company emerged as the lowest bidder for the abovementioned project.

Shares of Rail Vikas Nigam Ltd (RVNL) rallied 4% on 5 February after the company announced receiving a Letter of Acceptance (LoA) from East Coast Railway for a project worth Rs 404.40 crore. 

In its regulatory filing, the company said that the LoA is a part of the ‘Koraput-Singapur Road Doubling Project’ that includes executing 27 major bridges and earthwork in the formation of approaches, protection works and other miscellaneous works between Tikiri and Bhalumaska stations in Odisha. RVNL has been tasked to complete the project in 30 months.

Earlier on 31 December, the company emerged as the lowest bidder for the abovementioned project. 

RVNL shares have experienced notable fluctuations in recent days. Ahead of Finance Minister Nirmala Sitharaman’s Union Budget 2025-26 presentation on 1 February, the railway stock surged along with other sector peers, reaching a one-year high of Rs 501 per share.

However, following the Budget announcement, which did not introduce major reforms for the railway sector and kept Indian Railways’ FY26 capital expenditure (capex) unchanged at Rs 2.52 lakh crore, the stock saw a sharp decline. It is now trading nearly 18% lower than its 1 February level.

Meanwhile, in an exchange filing on 5 February, RVNL announced that its board of directors will meet on 12 February to review and approve the company’s quarterly and nine-month financial results for the period ending 31 December 2024. The stock is expected to remain under close observation before and after the Q3 earnings release.

At 11:15 am, the shares of RVNL were trading 1.56% higher at Rs 406.45 on NSE.

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