RVNL stock zooms after RVNL-MPCC JV emerges as lowest bidder for Rs 174 crore order

RVNL share price NSE: Shares of Rail Vikas Nigam Limited (RVNL) rallied on Tuesday, September 5, a day after the Navratna CPSE under the Ministry of Railways' joint venture, RVNL-MPCC, emerged as the lowest bidder (L1 bidder) for all civil engineering works tenders from the Vadodara division of Western Railway. The cost of the project is Rs 174 crore, and JV will complete the order in two years. RVNL shares gained as much as 5.6 per cent to touch the day's high of Rs 163 from the previous close of Rs 154.4 on NSE. The counter finished at Rs 156.4 apiece, up 1.3 per cent on NSE. 

"Emerges as the Lowest Bidder (L1) for "All civil engineering works (Earthwork, Blanketing, Retaining Wall /Boundary Wall/ Side Drain, Major Bridges, Minor Bridges and LHS/RUB, LCs, Construction of Station Buildings, Platform, Subways cover over Platforms, Staff Quarters, Passenger Amenities, Circulating Area, approach roads, Offices, Service Buildings, watering, Sanitation, protection works etc. and Supply of 50 mm Machine Crushed Stone Ballast, Complete track works including linking of Track works in connection with Gauge Conversion work between Petlad - Bhadran (22.50 km) of Vadodara Division of Western Railway," RVNL's regulatory filing said.

"The RVNL share is 74% and the MPCC share is 26%," it added.

RVNL shares on Monday, September 4, clocked their fresh 52-week high of Rs 163.45 apiece on the NSE after the company bagged a Rs 322 crore order from Madhya Gujarat Vij. The contract pertains to the comprehensive development of distribution infrastructure in Vadodara and is slated for completion within a span of 31 months.

RVNL share price history

RVNL's stock has given multi-bagger returns of nearly 370 per cent over the past 12 months (from September 5, 2022). In comparison, the headline index Nifty 50 has rallied nearly 11 per cent.

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