Stock market today: Salasar-RVNL JV emerges as lowest bidder; shares jump
Stock market today: Despite weak trends in the Indian stock market today, shares of Rail Vikas Nigam Limited or RVNL and Salasar Techno Engineering Ltd opened upside in the opening bell. RVNL share price today opened upside at ₹261.90 apiece on NSE and went on to touch an intraday high of ₹262.60 apiece within a few minutes of the stock market's opening.
However, the stock failed to sustain at higher levels after the profit booking trigger and touched an intraday low of ₹253.50 apiece. Like RVNL shares, Salasar Techno share price too opened upside and went on to touch an intraday high of ₹24.45 apiece on NSE, logging to the tune of a 4 percent intraday gain.
The small-cap telecom stock is still in the green territory at higher levels. As per the information available on the BSE website and exchange filing by RVNL, the joint venture (JV) of the RVNL-Salasar has emerged as the lowest bidder for the construction of 132 KV and 220 KV transmission lines for the Madhya Pradesh Power Transmission Company.
The order is worth ₹173,99,04,310 or around ₹174 crore. However, only RVNL has shared the update with the Indian exchanges about the development.
Salasar Techno Engineering Ltd is yet to share such an update with the Indian exchanges. RVNL informed Indian stock market exchanges about the development saying, "In terms of Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, it is hereby informed that RVNL-SALASAR JV emerges as the Lowest Bidder (L1) from Madhya Pradesh Power Transmission Company Limited for “Construction of 132 KV & 220 KV Transmission Lines and associated Feeder Bays on total Turnkey basis in Eastern MP"." Salasar Techno having more
. Read more on livemint.com
