RVNL jumps over 7% on emerging lowest bidder for project worth Rs 271 crore

RVNL share price: Rail Vikas Nigam Limited (RVNL) shares were in demand on Thursday, October 17, 2024 as the scrip soared up to 7.27 per cent to hit an intraday high of Rs 514.40 per share. 

RVNL share price rose after the company announced that it has emerged as the lowest bidder (L-!) for a project worth Rs 270.78 crore from Maharashtra Metro Rail Corporation Limited.
 

In an exchange filing, RVNL said, “It is hereby informed that Rail Vikas Nigam Limited emerges as the Lowest Bidder (L1) From Maharashtra Metro Rail Corporation Limited for “construction of : (a) Elevated Metro Stations Seven Nos. In Reach 3a, Namely- (1) Hingna Mount View, (2) Rajiv Nagar, (3) Wanadongri, (4) Apmc, (5) Raipur, (6) Hingna Bus Station, (7) Hingna (B) Elevated Metro Stations Three Nos. In Reach 4a, Namely- (1) Pardi (2) Kapsi Khurd (3) Transport Nagar of Nmrp Phase-2.” 

 

Under the order, RVNL is tasked with constructing a total of ten elevated metro stations: seven in Reach 3A, which include Hingna Mount View, Rajiv Nagar, Wanadongri, APMC, Raipur, Hingna Bus Station, and Hingna; and three in Reach 4A, namely Pardi, Kapsi Khurd, and Transport Nagar, as part of the NMRP Phase-2 project.

The exact cost of the project is Rs 270,00,78,283.48, and it is expected to be completed in 30 months. 

Rail Vikas Nigam Limited is a company based in New Delhi, specialising in the construction of rail infrastructure projects across the country. Established in 2003, the company is actively involved in the development and implementation of various railway projects, including new lines, doubling, gauge conversion, railway electrification, workshops, metro projects, bridges, construction of cable-stayed bridges, and institution buildings. 

Additionally, it offers financial resource mobilisation services to support its projects. Rail Vikas Nigam Limited caters to clients such as Indian Railways, central and state government ministries, departments, and public sector undertakings.

The market capitalisation of RVNL is Rs 1,04,939.06 crore, according to BSE. The company falls under the BSE200 category.

At 9:53 AM, shares of RVNL were trading 4.71 per cent higher at Rs 502.10 per share. In comparison, BSE Sensex was trading 0.36 per cent lower at 81,204.68 levels.