Rail Vikas Nigam Limited (RVNL) witnessed a robust surge in its share price, climbing over 5% in early trading on Monday. The state-owned railway company secured the position of the lowest bidder for multiple projects, driving investor optimism. RVNL shares surged by 5.02% to ₹265.65 per share on the BSE.
RVNL emerged as the lowest bidder (L1) for a project aimed at upgrading the electric traction system for the Kharagpur section of the Kharagpur division of South Eastern Railway, with a project cost of ₹148.26 crore.
Additionally, in a separate regulatory filing, RVNL revealed its L1 status for another project valued at ₹95.95 crore from NFR-Const HQ-Electrical/NFR.
Furthermore, RVNL, in a joint venture with Salasar Techno Engineering, secured the lowest bidder status for a project from Energy Development Corporation Limited (EDCL) worth $7.15 million. This project involves the design, supply, and installation of 45.8 km, 110Kv double circuit Rukarara – Huye – Gisagara transmission lines, with a contract execution period of 18 months. RVNL’s share in the JV is 49%, while Salasar holds 51%.
RVNL’s shares have shown impressive performance, rallying by 44% year-to-date. Over the past year, the stock has delivered significant multibagger returns of 281%, and over three years, it has surged by more than 783%.
As of 9:50 am, RVNL shares were trading 3.48% higher at ₹261.75 per share on the BSE.
