Rail Vikas Nigam (RVNL) rose 1.39% to Rs 414.75 after the company announced that its joint venture (JV), KRDCL-RVNL has received Letter of Acceptance (LoA) worth Rs 156.47 crore from Southern Railway.
The order includes provision of automatic signaling on Ernakulam JN (ERS), Vallattol Nagar (VTK) section on B-route of Thiruvananthapuram division in Southern Railway.The joint venture (JV) Kerala Rail Development Corporation (KRDCL) will hold 51% stake and remaning 49% stakes will be hold by RVNL.
The said project is worth Rs 156.47 crore and it will be completed in 750 days.
Rail Vikas Nigam is in the business of executing all types of railway projects including new lines, doubling, gauge conversion, railway electrification, metro projects, workshops, major bridges, construction of cable stayed bridges, institution buildings etc.
The company reported 33.16% increase in consolidated net profit to Rs 478.40 crore in Q4 FY24 as compared with Rs 359.25 crore in Q4 FY23. Revenue from operations jumped 17.38% year on year (YoY) to Rs 6,714.01 crore in the fourth quarter of FY24.
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