RVNL soars over 4% after receiving Rs 167.28 cr order from South Eastern Railway

RVNL Share Price: Rail Vikas Nigam Limited (RVNL) shares soared by over four per cent in morning deals on BSE on Thursday (March 21, 2024) after the Railways company was declared an L1 bidder for a project of SER HQ-Electrical/South Eastern Railway.

The RVNL stock was trading higher by 2.86 per cent, or Rs 6.85, at Rs 246.05 at 9:40 am on Thursday.

The stock that closed at Rs 239.20 on Wednesday began its journey on Thursday at Rs 246.75 and jumped to the day's high of Rs 248.95, a 4.08 per cent rise from the previous closing price.

What is RVNL order?

In a statement on Thursday, Rail Vikas Nigam Limited said that it has emerged as the lowest bidder (L1) from SER HQ-Electrical/South Eastern Railway for “design, Supply, Erection, Testing and Commissioning for upgradation of Electric traction system from 1 x 25 KV to 2 x 25 KV traction system for Rajkharsawan -Nayagarh- Bolani section of Chakradharpur division of South Eastern Railway to meet 3000 MT loading target”.

The cost of the project is Rs 167.28 crore, while RVNL has to complete the order in 18 months.