Shares of Rail Vikas Nigam Limited rallied nearly eight per cent in the morning session on the last trading day of 2024. The railway firm was declared the lowest bidder for the two projects. As a result, RVNL shares snapped a nine-session losing streak.
At 11.50 am, the stock was at Rs 427.4 on the NSE, up 4.7 percent from its previous session closing price. First, RVNL won a Rs 137-crore project from the Central Railway. RVNL has 24 months to complete the project.
The railway firm will undertake design, supply, construction, testing and commissioning of 132/55 kV traction substations, sectioning posts and sub-sectioning posts in the Bhusaval-Khandwa section. 2 x 25 kV Traction System (Scotch Connected Transformer) of Bhusaval-Khandwa section of Central Railway will be upgraded to meet 3000 MT loading target on EPC mode.
Rail Vikas Nigam Limited has come from East Coast Railway as the lowest bidder for the second project, with a total value of Rs 404 crore. The order will be executed within 30 months.
RVNL will construct 27 major bridges, as well as earthwork for approach road, safety works and other connected miscellaneous works between Tikiri and Bhalumaska stations in connection with Koraput-Singapore Road Doubling Project of Waltair Division of East Coast Railway.
For 2024, RVNL shares have gained over 100 percent, more than doubling investors’ wealth. The benchmark Nifty 50 index has gained nearly 8.5 percent during the same period.
