04 Dec , 2024 By : Debdeep Gupta
Rail Vikas Nigam's (RVNL) share price gained 3 percent in the opening trade on December 4 after the company received a project worth Rs 186.76 crore from East Central Railway.
At 09:17 am, Rail Vikas Nigam was quoting at Rs 451.20, up Rs 13.60, or 3.11 percent, on the BSE.
".... has received Letter of Acceptance (LoA) from East Central Railway for design, supply, erection, testing & commissioning of traction substations with associated switching posts for upgradation work of electric traction system from 1X25 to 2 X 25 KV AT feeding system in Gomoh - Patratu Section of Dhanbad Division of East Central Railway,” company said in its release.
The said project is to be completed in 540 days.
In November, the company emerged as the lowest bidder (L1) from PSPCL for the development of distribution infrastructure work for Package-3 Central Zone for execution of HT/LT Infrastructure loss reduction works under reforms-based and results-linked, revamped distribution sector scheme (RDSS) in the state of Punjab. The cost of the work is Rs 642.56 crore and is to be completed in 24 months.
Also, secured a letter of acceptance (LoA) from Eastern Railway for an infrastructure project worth Rs 837.67 crore. The project involves earthwork, bridge construction, and a railway track laying across 55.2 kilometers between Kalipahari and Pradhankhuta.
The company had reported a 27 percent drop in its net profit at Rs 287 crore in Q2FY25. Its revenue registered a marginal decline, reaching Rs 4,855 crore.
Over the past 12 months, the stock jumped more than 150 percent, while Nifty rose 20 percent during the same period.
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