RVNL’s share price continued to make gains for the seventh straight session on Tuesday soaring over 4% in early trade.
What Happened: The surge today comes as the company on Monday evening announced emerging as the lowest bidder for a contract from the Vadodara Division of Western Railway.
The contract is for all civil engineering works, construction of station buildings, platforms, subway cover over platforms, staff and others in connection with gauge conversion work between Petlad – Bhadran.
See Also: This Micro Cap Stock Has Surged 40% In 6 Months, Why Analyst Sees Another 60% Rally
The value of the contract is ₹174.27 crore. The project’s execution timeline is two years. The project is through a joint venture between RVNL and MPCC. RVNL’s share in the JV is 74%.
The new order comes on the heels of the over ₹600 crore order wins the company announced late last week from Madhya Gujarat Vij Company Limited.
Get Ring The Bell, Benzinga India’s weekly briefing. Designed specifically for investors like you.
Price Action: RVNL’s share price was up 4.76% to trade at ₹161.75 as the markets opened on Tuesday.
Read Next: Here Are The Top Paid Employees At Reliance Jio In FY23—It’s Not The Ambanis
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.