On Thursday, 17 October 2024, shares of Rail Vikas Nigam Limited (RVNL) experienced notable demand, soaring by as much as 7.27 percent to reach an intraday high of Rs 514.40 per share. This increase in share price followed the announcement that RVNL had emerged as the lowest bidder for a significant project valued at Rs 270.78 crore, awarded by the Maharashtra Metro Rail Corporation Limited.
In an official filing at the exchange, RVNL said: “It is informed that Rail Vikas Nigam Limited emerges as the Lowest Bidder (L1) from Maharashtra Metro Rail Corporation Limited for the construction of (a) elevated metro stations, seven in number, in Reach 3A, namely—(1) Hingna Mount View, (2) Rajiv Nagar, (3) Wanadongri, (4) APMC, (5) Raipur, (6) Hingna Bus Station, and (7) Hingna; (b) elevated metro stations, three in number, in Reach 4A, namely—(1) Pardi, (2) Kapsi Khurd, and (3) Transport Nagar, as part of the NMRP Phase-2.
Under this agreement, RVNL would build a total of ten elevated metro stations, among which seven are in Reach 3A while three are in Reach 4A. The actual cost of the project will be Rs 270,00,78,283.48, which will be completed within 30 months.
Rail Vikas Nigam Limited is a company incorporated in the year 2003 in New Delhi that mainly deals with construction projects for railway infrastructure all over India. The company has sizeable participation in the new lines, doubling, gauge conversion, railway electrification, workshops, metro projects, bridges, and construction of cable-stayed bridges and institutional buildings.
In addition, RVNL also provides financial resource mobilisation services to raise resources for the projects and services of central and state government ministries, departments, and public sector undertakings, as well as Indian Railways.
As of 9:53 AM, the shares of RVNL were trading at Rs 502.10 with an upside of 4.71 percent. On the other hand, the BSE Sensex was trading lower by 0.36 percent at 81,204.68 points. As of now, RVNL has a market capitalization of Rs 1,04,939.06 crore, putting it in the BSE200 category.
