RVNL shares slide 3.71% despite railway firm bagging orders worth Rs 651 crore

RVNL Share Price: Shares of Rail Vikas Nigam Limited (RVNL) were down 3.71 per cent, or Rs 6.30, at Rs 163.65 apiece on BSE on Monday in the first trading session after the company bagged two orders worth Rs 651 crore from Maharashtra Metro Rail Corporation Limited (MMRCL).

The stock closed the trading session on Friday at Rs 169.95 before starting its journey on Monday at Rs 166.50.

The stock depleted from there to hit the day's low of Rs 161.10 in morning deals. 

The share's lacklustre performance came after the company announced on Friday that it had bagged an order worth Rs 394.89 crore from MMRCL for the “design and construction of elevated metro viaduct of length 6.92 km between Ch. (-) 657.182 m to Ch. (-) 7576.78 m in Reach 2A of NMRP Phase2.” 

The project duration is 30 months.

Other than that, the railway company also got an order worth Rs 256.19 crore for various projects of MMRCL:

1. Six elevated metro stations Viz. Pili Nadi to Lekha Nagar in Reach-2A.
2. One elevated and one at-grade station viz. Ecopark and Metro City in Reach-IA, respectively.
3. At-grade section formation earthwork, boundary wall, and retaining wall between Ch. 19550 to Ch. 20421.016 and Ch. 20498.516 to Ch. 21296.917.
4. Elevated metro track supporting structure for Eco Park Metro station between Ch. 20421.016 to Ch. 20498.516 and
5. Multi-storied building at Tulsi School Land (at Sitabuldi) of NMRP Phase-2