RVNL gains 3% on emerging lowest bidder for Maharashtra Metro Rail projects worth Rs 256 crore

Rail Vikas Nigam Limited (RVNL) shares gained more than 3 per cent in trade on Thursday after the state-owned company emerged as the lowest bidder for multiple projects of Maharashtra Metro Rail Corporation worth Rs 256 crore. The projects pertain to a range of metro infrastructure developments aimed at bolstering the state's urban connectivity and transportation network.

The projects will be completed within 30 months, RVNL said in a filing to the stock exchanges.

RVNL has bagged the contract for constructing six elevated metro stations from Pili Nadi to Lekha Nagar in Reach-2A. The Railway Ministry public sector undertaking (PSU) will also build an elevated metro station alongside an at-grade station. Ecopark and Metro City stations, located in Reach-IA, will get state-of-the-art infrastructure upgrades that will elevate the commuting experience for passengers.

The construction arm of the Railway Ministry also won the bid for shaping At-Grade Section Formation earthwork, boundary walls and retaining walls between specific stretches. The company is also tasked with constructing elevated metro track supporting structures for the Eco Park Metro station. RVNL is set to create a multi-storied building at Tulsi School Land, situated at Sitabuldi, as part of the NMRP Phase-2. 

RVNL gets possession of  site in Kolkata

In a separate development, RVNL overcame a six-year impasse in Kolkata. The company finally gained possession of the site at Metropolitan crossing of EM Bypass, which had been a stumbling block for the progress of the 32km Orange Line project.

The project, launched in 2011, was stalled due to land-related issues. Now, the possession of the site has paved the way for RVNL to erect four pillars and complete the viaduct deck, a crucial step toward laying the tracks. Successful trials over a four-day period led to the traffic department granting RVNL a 45-day window to utilise the site. Traffic rerouting measures have been devised to ensure minimal disruption during construction.

RVNL share price

RVNL shares surged as much as 3.30 per cent in morning trade on Thursday to hit a session’s high of Rs 132.80 apiece on BSE. However, the railway PSU stock pared early gains and was trading 1.56 per cent higher at Rs 130.55 apiece on BSE at 12:34 PM. 

Shares of RVNL have extended the gaining streak for the fourth straight session on Thursday. The stock has gained more than 4 per cent in the past one week. Shares of RVNL have surged 91 per cent so far this year and 296 per cent in the past one year period.