Rail Vikas Nigam (RVNL) saw its share price jump by 6 percent, reaching a 52-week high of Rs 398.35 in the opening trade on May 27, following the announcement that the company had emerged as the lowest bidder for a project by Maharashtra Metro Rail Corporation.
As of 09:26 am, Rail Vikas Nigam shares were trading at Rs 392.30, up Rs 21.95, or 5.93 percent, on the BSE.
According to a company release, RVNL emerged as the lowest bidder (L1) for Maharashtra Metro Rail Corporation Limited's (Nagpur Metro) project involving the construction of six elevated metro stations. These stations include Cantonment, Kamptee Police Station, Kamptee Municipal Council, Dragon Palace, Golf Club, and Kanhan River Metro Station, spanning from Ch. – 7576.78mm to Ch - 13457.76m in Reach 2B of the Nagpur Metro Rail Project (NMRP) Phase 2.
The project, valued at Rs 187.34 crore, is to be completed within 30 months.
Last week, the company received a letter of acceptance worth Rs 148.26 crore from SER HQELECTRICAL/South Eastern Railway for design, supply, erection, testing and commissioning for the upgradation of Electric traction system from 1 x 25 KV to 2 x 25 KV traction system for Kharagpur (Excl.)- Bhadrak (Excl.) section of Kharagpur division of South Eastern Railway to meet 3000 MT loading target.
The company has reported a 33.2 percent jump in its Q4 net profit at Rs 478.6 crore, while revenue from operations grew 17.4 percent YoY to Rs 6,714 crore.
At the operating level, EBITDA in Q4FY24 rose 21.8 percent YoY to Rs 456.4 crore over Rs 374.6 crore in the year-ago period.
The share price surged 238 percent in the last year.
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