Shares of Rail Vikas Nigam Limited (RVNL) were trading 5% below on 9 October even though the company announced receiving LoA’s (Letter of Acceptance) from the Maharashtra Metro Rail Corporation for Rs 650 Crore. 

The company received an LoA for the design and construction of an elevated metro viaduct of length 6.92 km between Ch. (-) 657.182 m to Ch. (-) 7576.78 m in Reach 2A of NRMP Phase2 with a project cost of Rs 394.89 crore that has to be completed in 30 months.

The company also received LoA for projects of Maharashtra Metro Rail Corporation:

1. Construction of six elevated metro rail stations Viz. Pili Nadi to Lekhas Nagar in Reach-2A. 
2. One elevated and one at-grade station Viz. Metro City and Ecopark in Reach-IA. 
3. At-Grade Section Formation earthwork, boundary wall, and retaining wall.
4. A multi-storied building at Tulsi School Land of NMRP Phase-2. 
5. Elevated Metro track supporting structure for EcoPark Metro Station. 

The total cost of all the projects is Rs 256.19 crore and has to be completed in 30 months. 

Last week, the company emerged as the lowest bidder for a Rs 444.26 crore project that involved the development of a distribution infrastructure at North Zone of Himachal Pradesh under the revamped reform-based and results-linked distribution sector scheme, which has to be executed in 24 months. 

At 10:40 am, the shares of RVNL were trading at Rs 163.95 or 3.59% below its previous close on NSE.