Shares of Rail Vikas Nigam Ltd (RVNL) were trading in the green and 2% higher on 12 December after the company’s Joint Venture (JV) emerged as the lowest bidder for a Rs 543 crore Indore Metro Rail project contract.

In its regulatory filing, the company said that M’s RVNL-URC JV has emerged as the lowest bidder for the part design and construction of elevated viaduct, 5 elevated metro rail stations (viz Shaheed Bagh, Khajrana Chauraha, Bengali Chauraha, Patrakar Colony & Palasia Chauraha), and ramp between chainages 31+755 to 34+898.061 & 3+669.547 to 5+862 for Indore Metro Rail Project.

The project was awarded by the Madhya Pradesh Metro Rail Corporation and had to be executed in 1,092 days.

In November, the company received a Letter of Acceptance (LoA) from Central Railways for the construction of 4 tunnels with the ballastless track, construction of two important bridges, one major bridge, 25 minor bridges, earthwork in formation, track lining, side drain retaining wall, supply of stone ballast, and much more from Km 831.8 to Km 841.9 in Dharakhoh Maramjhiri section in connection with the third line.

In November, the company was levied a fine from the National Stock Exchange of India Limited (NSE) and BSE Limited of Rs 5,42,800 each for non-compliance with Regulation-17(1), half of the board was not independent for the July-September quarter.

At 2:13 pm, the shares of RVNL were trading 0.62% higher at Rs 179.55 on NSE.