RVNL share price jumps over 5% on bagging several projects
₹265.65 apiece on the BSE. Rail Vikas Nigam Ltd has emerged as the lowest bidder (L1) for design, supply, erection, testing and commissioning for the upgradation of an electric traction system for the Kharagpur section of the Kharagpur division of South Eastern Railway to meet the 3000 MT loading target.
The cost of the work is ₹148.26 crore. In a separate regulatory filing, the railway PSU also informed that it has also emerged as the lowest bidder for a project worth ₹95.95 crore from NFR-Const HQ-Electrical/NF RLY Construction.
Also Read: Stocks to buy: HUL, Grasim, LIC Housing among 9 stocks that can rise 5-17% in short term, say analysts; do you own any? Moreover, RVNL’s joint venture with Salasar Techno Engineering emerged as the lowest bidder for a project from Energy Development Corporation Limited (EDCL) for plant design, supply and installation of 45.8 km, 110Kv double circuit Rukarara - Huye - Gisagara transmission lines. The cost of work is worth $7.15 million and the time period by which the contract is to be executed is 18 months.
RVNL share in the JV is 49%, while that of Salasar is 51%. RVNL shares have rallied 44% this year so far and the stock has given staggering multibagger returns of 281% in one year and more than 783% in three years.
At 9:50 am, RVNL shares were trading 3.48% higher at ₹261.75 apiece on the BSE. Catch Stock Market Live Updates hereMilestone Alert!
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