After the company was informed about the letter of award (LoA) by Southern Railway for automatic block signalling in Chennai, Rail Vikas Nigam surged 4.22% to Rs 79.

The company received LoA for the provision of automatic block signalling in the Taduku-Renigunta section and the replacement of EI/RRI at Pudi, Taduku and Sri Venkata Perumal Raju Puram stations of Chennai Division in Southern Railway. The project’s estimated cost is Rs 38.97 crore, which will be completed in 15 months.

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The company executes all types of railway projects, including doubling, gauge conversion, new lines, metro projects, railway electrification, significant bridges, workshops, institution buildings, construction of cable-stayed bridges etc. The GOI held 78.20% stake in the Rail Vikas Nigam.

On a consolidated basis, the company’s net profit hit a high 36.52% to Rs 381.22 crore on a 21.94% jumps in net sales to Rs 4,908.90 crore in July-September of FY23 over July-September of FY22.