Rail Vikas Nigam (RVNL) jumped 5.39% to Rs 51.80 after the company said it was declared successful bidder in Maldives for development of UTF (Uthuru Thila Falhu- Island) Harbour Project.
RVNL has been declared successful bidder in an International project in Maldives named as Development of UTF (Uthuru Thila Falhu-Island) Harbour. This is a strategic project of Government of India.The estimated project costs is about Rs 1544.6 crore. The contract is to be executed within two years.
Meanwhile, RVNL declared its Q2 results on Thursday, 10 November 2022. 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 4908.90 crore in Q2 September 2022 over Q2 September 2021. Profit before tax rose 46% YoY to Rs 480.98 crore in Q2 FY23.
RVNL is a Category-I MiniRatna CPSE under the Ministry of Railways, Government of India. RVNL's mandate includes mobilization of extra budgetary resources through a mix of equity, and debt from banks, financial institutions, multilateral agencies like Asian Development Bank and bilateral agencies for project execution through PPP by formation of project specific SPVs for Port and Hinterland connectivity. RVNL can enter into and carry on business relating to creation and augmentation of capacity of rail infrastructure on fast track.
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