Rail Vikas Nigam Limited (RVNL) shares surged 6% after the company received a Letter of Acceptance (LOA) from Himachal Pradesh State Electricity Board Limited (HPSEBL). As of 9:35 AM, the shares were trading 2.79% higher at Rs 335.25.
The contract, valued at ₹729.82 crore, is part of the Revamped Reforms-based and Results-linked Distribution Sector Scheme aimed at reducing power distribution losses.
The project focuses on developing distribution infrastructure in the Central Zone of Himachal Pradesh, enhancing efficiency, and ensuring a reliable electricity supply. Under this agreement, RVNL will upgrade and expand the existing power distribution network, aligning with the government’s push for power sector reforms.
The contract will be executed over 24 months and falls within RVNL’s normal course of business. The company also confirmed that the contract has been awarded by a domestic entity, with no involvement in related party transactions.
RVNL (Rail Vikas Nigam Ltd) shares opened at ₹333.40, hitting a high of ₹346.90 and a low of ₹330.30. The stock’s 52-week high stands at ₹647.00, while the low is ₹213.05.
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