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Shares of Rail Vikas Nigam Limited (RVNL) rallied 5 per cent to Rs 79.35 on the BSE in Friday’s intra-day trade amid heavy volumes in an otherwise weak market.
In past three trading days, the stock of state-owned civil construction company has surged 13 per cent after the company announced bagging of multiple orders worth of Rs 1,173 crore from Chennai Metro Rail and Southern Railway.
At 10:37 AM; RVNL traded 4.4 per cent higher at Rs 79.10, as compared to 0.37 per cent decline in the S&P BSE Sensex. A combined 13.5 million shares changed hands at the counter on the NSE and BSE. The stock had hit a 52-week high of Rs 84.15 on November 29, 2022.
On Wednesday, January 11, RVNL announced that the company bagged a Chennai Metro Rail project worth of Rs 1,134 crore and the project has to be completed in 1,065 days. The rail infrastructure company will construct an elevated viaduct, nine elevated metro stations and a stabling viaduct.
On Thursday, January 12, RVNL informed that the company said it letter of acceptance from Southern Railway for provision of automatic block signalling in the Taduku-Renigunta section in the Southern Railway. The project cost is worth Rs 38.97 crore. The project would be completed in 15 months.
Last week, on January 5, RVNL said that it has bagged a project worth Rs 166 crore from Gujarat Metro Rail Corporation (GMRC). The project includes designing, installing, supplying, testing and commissioning of ballastless track from Sarthana to Dream city. This will also include connecting lines to the depot along with ballasted/ballastless/ embedded standard gauge track for corridor-1 for Phase-I of the Surat Metro Rail Project, RVNL said in a BSE filing. The project is scheduled to be completed within 22 months.
RVNL, it’s subsidiary and joint ventures are engaged in the business of implementing various types of rail infrastructure projects assigned by Ministry of Railway (MoR) including doubling (including 3rd/4th lines), gauge conversion, new lines, railway electrification, major bridges, workshops, production units and sharing of freight revenue with railways as per the concession agreement entered into with MoR.
RVNL’s major client is the Indian Railways and other clients include various central and state government ministries, departments, and public sector undertakings. RVNL has also started participating in Metro, Highways and other infrastructure sectors through competitive bidding.
In past three months, the stock price of RVNL has been more-than-doubled or zoomed 114 per cent, as compared to 3.7 per cent rise in the S&P BSE Sensex.
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