RVNL shares surge 3% after securing Rs 339 crore Pune Metro Rail contract

RVNL shares rose sharply by nearly 3% during the morning hours of trade on March 21st after securing a contract worth Rs 339 crore from Maharashtra Metro Rail Corporation Limited. Around 11:23 am, Rail Vikas Nigam Limited was trading at 2.82% up at Rs 245.95, resulting in some excitement for investors and traders. Advertisement “The […]

RVNL shares rose sharply by nearly 3% during the morning hours of trade on March 21st after securing a contract worth Rs 339 crore from Maharashtra Metro Rail Corporation Limited.

Around 11:23 am, Rail Vikas Nigam Limited was trading at 2.82% up at Rs 245.95, resulting in some excitement for investors and traders.

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“The company has received the Letter of Acceptance (LOA) from Maharashtra Metro Rail Corporation Limited for design and construction of elevated viaduct between PCMC and NIGDI (Bhakti Shakti) on the North-South Corridor of Pune Metro Rail Project- Reach l -Extension,” the company said in exchange filing.

The contract, which is worth Rs 339.23 crore, shall be completed within 130 weeks; this is a huge contract that will help RVNL in investing in more infrastructure development work in Pune.

The recent contract win reflects the company’s capability and capacity to obtain and execute larger contract works, strengthening its presence in the railway construction industry.

Last week, the company secured two projects valued at Rs 386 crore from Central Railway and Maharashtra Metro Rail Corporation Limited.

Additionally, it obtained a letter of award from the Himachal Pradesh State Electricity Board for distribution infrastructure development in the state’s North and South zones, with project costs of Rs 409.65 crore and Rs 888.56 crore, respectively, to be completed in 24 months each.

Another LoA was received for 11 KV line works in MPPKVVCL, Jabalpur Company area, worth Rs 251 crore, also to be completed in 24 months. Furthermore, on March 9, the company, in a JV with URC, secured an LoA worth Rs 543 crore from Madhya Pradesh Metro Rail Corporation Limited, with RVNL’s share being 51%, to be completed in 1092 days.