RVNL emerges as lowest bidder for rehabilitation and upgradation project in Odisha; stock price declines on July 7
RVNL) has emerged as the Lowest Bidder (L1) for the "Rehabilitation and Upgradation from 4 to 8 laning of Chandikhole-Paradip Section of NH-53 (Old NH-5A) in the State of Odisha on HAM mode-2nd Call." The project has a cost of Rs. 808 crores. The National Highways Authority of India (NHAI) has awarded the contract. The contract involves the rehabilitation and upgradation of the mentioned section of the highway.
The project is domestic, and it is expected to be executed within 24 months. The project cost is significant, amounting to INR 808,48,28,700. There are no interests from the promoter or group companies in the entity that awarded the contract, and it does not fall within related party transactions.
The stock price of Rail Vikas Nigam Limited (RVNL) closed at ₹121.95 on July 7, 2023, down by 0.73% from its previous close of ₹121.95. The stock traded in a range of ₹122.45 to ₹121.65 during the day. The market capitalization of the company stood at ₹25,426.82 crores.
In the past six months the shares of RVNL rose 68.88 per cent, while in the past 1 year the stock has skyrocketed by 293 per cent. The stock's performance on July 7 was in line with the broader market, which closed in the red. The Sensex fell by 0.77% and the Nifty lost 0.85%.
Some of the factors that could have contributed to the decline in RVNL's share price on July 7 include: The overall weakness in the market sentiment. The sell-off in the broader infrastructure sector. The profit booking by investors after the recent rally in the stock price.
However, there are also some positive factors that could support the stock price in the near term these include: The company's strong order book. The government's focus on infrastructure development. The
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