RVNL shares jump over 3% after bagging order worth Rs 739 crore
Rail Vikas Nigam (RVNL) surged 3.3% to its day’s high of Rs 626.65 on BSE after the company emerged as the lowest bidder for the development of distribution infrastructure in Himachal Pradesh by the Himachal Pradesh State Electricity Board (HPSEBL).
The company has also informed that the total contract size of the project is around Rs 739.07 crore and the estimated time for the completion of the said project will be around 24 months.
“It is hereby informed that Rail Vikas Nigam Limited emerges as the Lowest Bidder (L1) for “Development of Distribution Infrastructure at CENTRAL ZONE of Himachal Pradesh under theRevamped Reforms-based and Results-linked, Distribution Sector Scheme [Loss Reduction Works] Tender No. [CE(MM)/RDSS-(P-1.1)/Central Zone] declared by HPSEBL,” said RVNL in a filing to the exchanges.
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RVNL, on Monday, also announced that the company’s board of directors will be holding a board meeting on August 8 to consider and approve the financial results for the quarter ended June 30, 2024.
Shares of railway companies are already on a dream run as most of these stocks have given multibagger returns to their investors in the last one year’s time alone.
RVNL shares have rallied nearly 1900% and 1980% in a span of two and three years respectively while surging by 410% in the last one year alone. Not just the yearly time frame, the stock has increased by 115% and 108% in the last 3 and 6 months respectively,
