This railway stock surges 7% after signing ₹229 crore deal with AAI
Rail Vikas Nigam Ltd saw a 7.2% surge in its shares on Tuesday, March 26, following its agreement valued at ₹229 crore with the Airports Authority of India (AAI). In a recent filing with the exchange, the company disclosed the execution of a Memorandum of Understanding (MoU) with the Airports Authority of India. This MoU is geared towards streamlining the development of a subway or underpass, intended to link the operational area to the residential colony of the statutory body in Kolkata.
Also read: Lloyds Enterprises: Up 2337%, this penny stock turned ₹1 lakh into ₹24 lakh in 4 years The projected cost for this construction endeavor is approximately ₹229.43 crore, inclusive of GST charges. The Indian Railways Public Sector Undertaking (PSU) emerged as the top performer on the Nifty Midcap 100 index, with RVNL shares surging by as much as 7.2% to reach ₹267.8 apiece on the BSE. Rail Vikas Nigam Limited (RVNL) clinched the position of the lowest bidder (L1 bidder) for a project valued at ₹167.28 crore by South Eastern Railway on Wednesday, March 20, 2024.
The contract for this project has been confirmed by South Eastern Railway. The project involves the design, supply, construction, testing, and commissioning for the upgradation of the electric traction system from 1 x 25 KV to 2 x 25 KV traction system for the Rajkharsawan-Nayagarh-Bolani section of Chakradharpur division of South Eastern Railway. This upgrade aims to meet the 3,000 MT loading target, as stated by the company last week.
Also read: Stock market today: Zomato share price hits lifetime high. Experts see IPL 2024 link RVNL's shares have witnessed an impressive growth of almost 50% in the last three months and are up by over 45% this year. Over the past year,
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