Rail Vikas Nigam surged 4.22% to Rs 79 after the company informed that it has been awarded a letter of award (LoA) by Southern Railway for automatic block signaling in Chennai.
The company received LoA for provision of automatic block signaling with in Taduku-Renigunta section and replacement of EI/RRI at Taduku, Pudi and Sri Venkata Perumal Raju Puram stations of Chennai Division in Southern Railway. The total cost of the project is Rs 38.97 crore and is to be executed in 15 months.Rail Vikas Nigam (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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