Rail Vikas Nigam Limited (RVNL) witnessed a 2.5 percent surge in its share price during early trading on March 21, following the announcement of bagging a significant contract worth Rs 339 crore from Maharashtra Metro Rail Corporation Limited.
As of 9:20 am, RVNL was trading at Rs 245.15 on the BSE, marking an increase of Rs 5.95 or 2.49 percent.
In an exchange filing, RVNL disclosed that it had received the Letter of Acceptance (LOA) from Maharashtra Metro Rail Corporation Limited for the design and construction of an elevated viaduct between PCMC and NIGDI (Bhakti Shakti) on the North-South Corridor of the Pune Metro Rail Project- Reach I -Extension.
The contract, valued at Rs 339.23 crore, is scheduled to be executed over a span of 130 weeks.
This announcement follows RVNL’s recent wins of two projects worth Rs 386 crore from Central Railway and Maharashtra Metro Rail Corporation Limited.
Moreover, the company has also secured a letter of award (LoA) from the Himachal Pradesh State Electricity Board for the development of distribution infrastructure in both the North and South zones of the state. The projects, with a total cost of Rs 409.65 crore and Rs 888.56 crore respectively, are expected to be completed within 24 months.
Additionally, RVNL has obtained another LoA for the supply, installation, testing, and commissioning of 11 KV Line KV-associated works in various districts of MPPKVVCL, Jabalpur Company area. The order, valued at Rs 251 crore, also needs to be completed within 24 months.
Earlier on March 9, RVNL, in a joint venture (JV) with URC, secured a Letter of Acceptance (LoA) worth Rs 543 crore from Madhya Pradesh Metro Rail Corporation Limited (MPMRCL). The project, with a duration of 1092 days, will see RVNL’s share at 51 percent.
