Shares of RVNL jumped up over 4% on Tuesday to hit an intraday high of ₹176.90.
What Happened: The railway major on Friday evening announced being declared as the lowest bidder for a contract from Himachal Pradesh State Electricity Board Limited. The contract is for the development of distribution infrastructure in the south zone of Himachal Pradesh under the revamped reforms-based and results-linked, distribution sector scheme.
The order is for around ₹1,097 crore including taxes and is expected to be completed in two years. Last month, the company received several orders. It secured two contracts from the Madhya Gujarat Vij Company Limited (MGVCL) with a combined value of approximately ₹600 crore. Furthermore, it emerged as the preferred bidder for a contract from the Vadodara Division of Western Railway, with a contract value amounting to ₹174.27 crore.
Later in the month, it announced being selected as the lowest bidder for another order from the Vadodara Division of Western Railway. This project is valued at approximately ₹245 crore and has been awarded to a joint venture between RVNL and MPCC, with RVNL holding a majority 74% stake in the partnership.
Price Action: RVNL’s share price was up 2.63% to trade at ₹173.90 shortly after market open on Tuesday.
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