RVNL JV bags Madhya Pradesh Power Transmission deal; share gains

RVNL share price: Shares of Rail Vikas Nigam (RVNL) and Salasar Techno Engineering were on investors' radar on Thursday, March 14, a day after a joint venture (JV) between the two firms secured an order for a transmission project in Madhya Pradesh. RVNL informed through an exchange filing that the JV has received a Letter of Award (LoA) from Madhya Pradesh Power Transmission.

RVNL share price

The PSU stock rose as much as 11.35 per cent to the day's high of Rs 248.05 on BSE. At close, RVNL settled at Rs 243.4, up Rs 20.65 or 9.27 per cent, on BSE.

Salasar Techno Engineering share price

The counter closed at the day's high of Rs 20.65,  up 4.98 per cent or Rs 0.98 on BSE.  

The order pertains to the construction of 132 kV & 220 kV Transmission Lines and associated Feeder Bays on a total Turnkey basis in Eastern MP, the PSU firm said in a regulatory filing. The total cost of the project is Rs 173 crore. The latest order will be executed within 18 months.

The state-run Indian Railways company RVNL's regulatory filing read, "It is hereby informed that RVNL-SALASAR JV has received a Letter of Award (LoA) from Madhya Pradesh Power Transmission Co. Ltd. for the “Construction of 132 kV & 220 kV Transmission Lines and associated Feeder Bays on total Turnkey basis in Eastern MP.”

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