On July 9, 2024, Rail Vikas Nigam Limited (RVNL) announced multiple developments at the company to the stock exchanges.
RVNL announced that it has received a Letter of Acceptance from Maharashtra Metro Rail Corporation Limited (Nagpur Metro) for the construction of six elevated metro stations. These stations include Cantonment, Kamptee Municipal Council, Kamptee Police Station, Dragon Palace, Golf Club, and Kanhan River Metro Station, spanning between Ch. – 7,576.78mm to Ch -13,457.76m in Reach 2B of NMRP Phase 2. The project is scheduled to be finished within 30 months and is valued at ₹187.34 crore (including GST).
RVNL has signed an MoU with TATWEER Middle East and Africa LLC (TATWEER) to leverage RVNL’s railway sector expertise. This partnership aims to develop joint capabilities in designing and executing various rail-based projects in the MENA region and European countries. Additionally, it includes the supply, design, implementation, and commissioning of smart city initiatives, digital transformation, and professional engineering services.
RVNL has emerged as the lowest bidder (L1) for a project from SER HQ-ELECTRICAL/SOUTH EASTERN RAILWAY. The project involves the design, supply, erection, testing, and commissioning of a 132 KV traction substation, sectioning posts (SPs), and sub-sectioning posts (SSPs) in a 2x25KV system on the Kharagpur – Bhadrak section of the Kharagpur division of South Eastern Railway to handle 3,000MT. This contract is to be executed within 18 months and is valued at ₹202.88 crore (including applicable taxes).
Incorporated in 2003 by the Government of India, Rail Vikas Nigam Ltd (RVNL) is engaged in implementing a variety of rail infrastructure projects assigned by the Ministry of Railways (MoR). These projects include gauge conversion, doubling, railway electrification, new lines, major bridges, workshops, production units, and sharing of freight revenue with Indian Railways as per the concession agreement with the Ministry of Railways.
On July 10, 2024, the share price of Rail Vikas Nigam Ltd opened at ₹560.00, touching the day’s high at ₹597.00, as of 9:37 AM on the NSE.
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.
Published on: Jul 10, 2024, 5:07 PM IST
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