RVNL surges over 17% to hit 52-week high on Rs 322 crore order win

Shares of Rail Vikas Nigam Limited (RVNL) surged more than 17 per cent on Monday to hit a fresh 52-week high of Rs 163 apiece on the BSE 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 said in a filing with the stock exchanges.

Madhya Gujarat Vij Company Ltd, the state-owned power distributor, issued a Letter of Acceptance (LoA) to RVNL for a full turnkey contract encompassing design, supply, and installation for the purpose of enhancing distribution infrastructure, aimed at reducing losses in Vadodara, according to the exchange filing.

This new contract solidifies RVNL's position as a formidable player in the railway infrastructure sector, having secured multiple projects recently.

Recently, RVNL received order from Maharashtra Metro Rail Corporation

Last week, RVNL emerged as the lowest bidder for multiple projects of the Maharashtra Metro Rail Corporation worth Rs 256 crore. The work pertains to a range of metro infrastructure development projects. As per the contract, RVNL would undertake the work of constructing six elevated metro stations from Pili Nadi to Lekha Nagar in Reach-2A.

The state-owned company would also build an elevated metro station alongside an at-grade station. Ecopark and Metro City stations, located in Reach-IA, will get state-of-the-art infrastructure upgrades under the project.

RVNL share price

Shares of RVNL were trading 15:19 per cent higher at Rs 159.25 apiece on BSE at 1:03 PM. The share price hit a 52-week low of Rs 32.60 on September 2, last year. Since then, the stock has recovered 400 per cent.

Notably, the state-owned rail infrastructure company has gained a remarkable 28 per cent in just the past week and month. Over the past year, the company's share price has seen a fivefold increase in its value, gaining nearly 400 per cent.