Rail Vikas Nigam Limited (RVNL) shares have gained approximately 3% after emerging as the lowest bidder (L1) for two projects worth a total of Rs 386 crore, as on March 11.

The first project is for signalling and telecommunication work for the provision of automatic block signalling on the Khapri-Sewagram section of the Nagpur division of Central Railway. The project is worth Rs 47.36 crore and is expected to be completed within 12 months.

The second project is for the design and construction of an elevated viaduct between Pimpri Chinchwad Municipal Corporation (PCMC) and Nigdi (Bhakti Shakti) on the North-South Corridor of the Pune Metro Rail Project-Reach-Extension. RVNL has emerged as the lowest bidder for this project too, which is worth Rs 339.23 crore.

The project involves constructing an elevated viaduct of length 4.519 Km from CH: (-) 1079.899m to CH: (-) 5599.298m and is estimated to be completed in 130 months.

Both these projects have been awarded to RVNL, and the company is expected to execute them successfully within the stipulated time frame.

However, at 10:44 pm, the shares of RVNL lost all its early gains and were trading 0.84% lower at Rs 243.40 on NSE.