RVNL shares rise—here is what is driving the stock

RVNL share price NSE, RVNL new project: Rail Vikas Nigam Ltd, NSE: RVNL shares gained in Wednesday's trade (January 3, 2024) after the joint venture KRDCL-RVNL received a Letter of Acceptance (LOA) from Southern Railway for a major redevelopment of the Varkala Sivagiri Railway Station. The order is worth over Rs 123 crore. The counter rose as much as three per cent to hit the day's high of Rs 186.35 in early morning deals on the NSE. RVNL shares finished 2.65 per cent higher at Rs 185.6 on NSE.

Here are some key details of the order:

• Name of the entity awarding the order(s) or contract(s): CAO-CN-ERS-Engineering
• Time by which the order(s) or contract(s) is to be executed: 30 months
• Nature of order(s)/contract(s): Major upgradation/redevelopment of Varkala Sivagiri Railway Station 

In a separate development, RVNL informed bourses on January 2 that it had signed an MoU with REC Limited for mutual benefits by way of RVNL presenting bankable projects with an assured or projected source of revenue/returns, and REC exploring the scope and spread of providing finances to such projects directly with pre-stipulated conditions and returns for itself.

RVNL share price history

RVNL's stock has given a positive return of over 150 per cent in the last 12 months. In comparison, the headline index Nifty 50 has rallied over 19 per cent.

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