Rail Vikas Nigam (RVNL) jumped 4.37% to Rs 77.70 after the company said it has emerged as the lowest bidder for both the Surat and Ahmedabad Metro Rail projects.
RVNL has emerged as the lowest bidder (L1) for supply, erection, testing and commissioning of power supply receiving & distribution system, 750 V DC third rail traction electrification and scada system for Surat Metro Rail Project Phase-I. The cost of the project is Rs 673.8 crore.It also emerged as the lowest bidder for supply, erection, testing and commissioning of power supply receiving & distribution system, 750 V DC third rail traction electrification and scada system for Ahmedabad Metro Rail Project Phase-II. The cost of the project is Rs 384.3 crore.
In the Ahmedabad Metro Rail Project, RVNL had participated in consortium with Siemens India wherein RVNL is having 35% share. The letter of award is yet to be issued by Gujarat Metro Rail Corporation.
Both the projects are to be executed within 19 months.
RVNL 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. As on 30 September 2022, the Government of India holds 78.20% stake in the company.
On a consolidated basis, the company's net profit rose 36.52% to Rs 381.22 crore on 21.94% increase in net sales to Rs 4,908.90 crore in Q2 FY23 over Q2 FY22.
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