Rail Vikas Nigam rose 2.16% to Rs 66.30 after the company said that it has received a letter of award (LoA) from M. P. Madhya Kshetra Vidyut Vitaran Co. (MPMKVVCL) worth Rs 196.76 crore.
The contract is for the supply, installation, testing and commissioning of new 11 KV line for bifurcation & interconnection, additional 11 KV Bay at 33/11 KV sub-station, augmentation of conductor of 11 KV lines, additional distribution transformer substations with associate new 11 KV lines, low tension (LT) line on aerial bunched (AB) cable, conversion of bare LT line with AB cable, augmentation of LT AB cable, 11 KV line crossing agriculture & non-agriculture feeder and other associated work & supporting works in Bhopal Region of MPMKVVCL, Bhopal, under the Revamped Reforms-based and Results-linked, Distribution Sector Scheme (RDSS).
The project has to be completed within a period of 24 months.
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. As of 31 December 2022, the Government held 78.2% stake in the company.
The company had reported 30.5% rise in consolidated net profit to Rs 382.42 crore in Q3 FY23 from Rs 293.01 crore posted in Q3 FY22. Revenue from operations declined marginally to Rs 5,012.09 crore in Q3 FY23 as against Rs 5,049.24 crore posted in the same quarter last year.
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