RVNL shares rises nearly 8% post major order win

by Psu Connect
Date: 27-05-24

On the BSE, the shares were trading 7.3% higher at Rs 397.4 around 9:37 am.

RVNL shares rises nearly 8% post major order win

The Shares of the Railway PSU Rail Vikas Nigam Ltd (RVNL) spiked by nearly 8% right after the opening bell on Monday. This came subsequently after the company bagged a major order in Maharashtra.

The stock opened in the green at Rs 375.7 per share on the National Stock Exchange (NSE). Within a short span of time, it peaked to an intraday high of Rs 399.9, up 7.9% as against the previous day's close.

On the BSE, the shares were trading 7.3% higher at Rs 397.4 around 9:37 am.

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RVNL informed the exchanges that it has emerged as the lowest bidder for a project to develop metro stations in Maharashtra’s Nagpur. The project cost is Rs187 crore.

The bids for the project were invited by the Maharashtra Metro Rail Corporation Limited. RVNL will be required to construct six elevated metro stations – Cantonment, Kamptee Police Station, Kamptee Municipal Council, Dragon Palace, Golf Club, and Kanhan River Metro Station. Many other projects are also bagged by the company, earlier.

On May 17, RVNL declared its results for the March 2024 quarter. The company reported a consolidated net profit of Rs 478.4 crore, up 33% from Rs 358.5 crore in the year-ago period.

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