RVNL Share Soars More Than 4% on Securing Rs 112 Crore order in Madhya Pradesh

RVNL share rises on emerging as L1 bidder for Rs 112 crore project.

On March 17, Rail Vikas Nigam Limited’s shares soared more than 4% in the morning trade after the firm announced receiving a Rs 112 crore order in Madhya Pradesh.

The stock recorded a high of Rs 63.76 on BSE, up 4.05%. At 9:30 am, the stock quoted Rs 64.30 on BSE, up 3.83% from its earlier close.

According to an exchange filing, RVNL secured the agreement to supply, test, install, and commission various 11 KV line-associated works in Sagar, Singrauli, Damoh, Chhatarpur, Panna and Tikamgarh Circles of MPPKVVCL in the Jabalpur company area. RVNL was the lowest bidder.

Rajesh Prasad, operational director of RVNL, told CNBC-TV18 recently that the company’s order book was anticipated to touch between Rs 75,000 and 1 lakh crore in FY24, with 20% of the orders to be achieved through bidding.

In January, RVNL and its joint venture partners were nominated as the topmost bidder for a railway project containing 200 train sets at Rs 120 crore a set.

With proficiency and knowledge in diversified infrastructure projects from roads, marine, rails, hill areas, metro trains, and other areas, RVNL is well positioned to capitalise on these opportunities, Asit C Mehta Investment Intermediates said in February.

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