Rail Vikas Nigam Ltd (RVNL) shares were trading 3% higher on 3 October after the company announced having emerged as the lowest bidder for a power distribution infrastructure project worth Rs 1,098 crore from Himachal Pradesh State Electricity Board.

In its exchange filing, the company said, “The project pertains to development of distribution infrastructure in the south zone of Himachal Pradesh under the ‘Revamped Reforms based and Results-linked, Distribution Sector Scheme’. The scheme is intended for loss reduction works.”

the said project is expected to be completed in 24 months.

RVNL is a state-run company mainly engaged in railway infrastructure project activities that include electrification, track renewal, bridge construction, and station modernisation.

In its quarterly report for the April-June quarter, the company posted a 15.10% YoY increase in its net profit at Rs 343 crore and a 20.06% YoY increase in its revenue from operations at Rs 5,572 crore.

At 3:02 pm, the shares of RVNL were trading at Rs 173.10 or 2.15% above its previous close on NSE.