Rail Vikas Nigam Ltd. shares advanced nearly eight percent in the morning session on the last trading day of 2024, after the railway stock was declared the lowest bidder for two projects.
As a result, RVNL shares snapped a nine-session losing streak. At 11.50 am, the stock was quoting Rs 427.4 on the NSE, higher by 4.7 percent compared to the previous session's closing price.
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The first, RVNL won a project from the Central Railway worth Rs 137 crore. RVNL has a timeline of 24 months to complete the project.
The railway firm will undertake the design, supply, erection, testing and commissioning of 132/55 KV traction substation, sectioning posts and sub-sectioning posts in the Bhusaval-Khandwa section. The 2 x 25 KV Traction System (Scott Connected Transformer) of Bhusaval - Khandwa sections of Central Railway will be upgraded to meet 3000 MT loading target on an EPC mode.
For the second project that Rail Vikas Nigam Limited emerged as the lowest bidder is from the East Coast Railway for a total consideration of Rs 404 crore. The order will be executed within 30 months.
RVNL will create 27 major bridges, along with the earth work in formation of approaches, protection works and other connected miscellaneous works between Tikiri and Bhalumaska stations in connection with Koraput-Singapur Road Doubling Project of Waltair Divison, East Coast Railway.
For 2024, RVNL shares have climbed over 100 percent, more than doubling investors' wealth. During the same time, the benchmark Nifty 50 index has gained around 8.5 percent.
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