The shares of Rail Vikas Nigam Limited were trading nearly 4% down despite securing mega metro Letters of Acceptance (LoA) from the Maharashtra Metro Rail Corporation for projects worth Rs 650 Crore.
Despite a challenging market scenario, Rail Vikas Nigam Limited (RVNL) witnessed its shares trading 5% below on October 9th. This surprising dip occurred despite the company’s significant achievement – securing Letters of Acceptance (LoA) from the Maharashtra Metro Rail Corporation for projects worth Rs 650 Crore.
RVNL clinched a notable LoA for the design and construction of a 6.92 km elevated metro viaduct in Reach 2A of NRMP Phase 2, stretching from Ch. (-) 657.182 m to Ch. (-) 7576.78 m. The project comes with a budget of Rs 394.89 crore and a completion deadline of 30 months.
Additionally, the company bagged LoAs for various projects, including the construction of six elevated metro rail stations from Pili Nadi to Lekhas Nagar in Reach-2A. Moreover, it secured projects like an elevated and an at-grade station, earthwork, boundary wall, retaining wall, a multi-storied building at Tulsi School Land of NMRP Phase-2, and the elevated metro track supporting structure for EcoPark Metro Station. The cumulative cost of these ventures stands at Rs 256.19 crore, all slated for completion within 30 months.
At 11:04 am, RVNL shares were trading at Rs 163.95, marking a 3.59% decrease from its previous close on NSE.
