RVNL Share Soars 8% on Winning Rs 121 Crore Order

Picture Source: Internet

On Friday, Rail Vikas Nigam Ltd (RVNL) shares soared 8% in the morning trade after the business announced winning a Rs 121 crore assignment from the North-Central Railways.

The project was initiated to establish E1-based automatic signalling with continuous track circuiting and other related works on the Jhansi-Gwalior unit of the Jhansi Division of North Central Railway, the construction department of the rail ministry said in an exchange filing.

Rail Vikas Nigam Limited said the order must be implemented in 18 months.

At 10:47 am, the share was traded 4.4% higher on the BSE at Rs 107.67, close from its 52-week high of Rs 107.67. The stock has increased 40% in the past week and over 60% in the previous month.

On March 31, 2023, the company will have an order book of about Rs 55,000 to 60,000 crore. Out of Rs 55,000 crore, 20% is over-market bidding, and the rest are railway assignments, given on a nomination basis, RVNL stated in its latest conference call.

RVNL has funded more than 30% to 35% of the railway infrastructure. It has commissioned 15,000 plus route kilometres of railway infrastructure, doubling new lines, gauge alterations and railway electrification. Also, it is part of metro construction. It has accomplished and commissioned 16 turnkey projects.

Get Daily Prediction & Stocks Tips On Your Mobile