JV of Rail Vikas Nigam bags new order worth Rs 123.36 crore for a major development project

Rail Vikas Nigam Limited (RVNL) and its joint venture KRDCL are gearing up for a major infrastructure project the redevelopment of Varkala Sivagiri Railway Station. With a combined contract worth Rs 123.36 crore, RVNL will contribute 49% while KRDCL takes on the remaining 51%.

Recently, Rail Vikas Nigam Limited (RVNL) and URC Construction (URC) joint venture emerged as the lowest bidder for a major project in the Indore Metro Rail Project. The order for the design and construction of an elevated viaduct, and five elevated metro rail stations, encompassing various locations in the city. Madhya Pradesh Metro Rail Corporation awarded the contract domestically, with its estimated value reaching Rs. 543 crore. RVNL will hold a 51% stake in the project, while URC will manage the remaining 49%. The entire development needs to be completed within 1,092 days.

Financial Performance 

In Q2FY24, the company posted a 0.11% increase in its consolidated revenue at Rs 4,914.32 crore compared to Rs 4,908.90 crore from the previous year’s corresponding quarter. The operating profit of the company stood at Rs 594.31 crore, while the PAT of the company stood at Rs 455.40 crore, from Rs 402.27 crore last year in the same quarter.

Business Overview   

Rail Vikas Nigam Limited is engaged in the business of implementing various types of Rail infrastructure projects including doubling, gauge conversion, new lines, railway electrification, major bridges, workshops, Production Units and sharing of freight revenue with Railways as per the concession agreement entered into with Ministry of Railway.

Stock Price Movement  

Today, the stock opened at Rs 182.20, with a high and low of Rs 183.40 and Rs 177.50, respectively. The stock is closed trading at Rs 180.80, which decreased by 0.74%. The stock has a 52-week high of Rs 199.35 and a 52-week low of Rs 56.15.

The stock has shown impressive growth, and investors should keep a close eye on this stock.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.