Shares of RVNL halted its two-day losing streak on Friday morning, going up over 3% to hit an intraday high of ₹172.55.
What Happened: The railway company on Thursday evening informed the exchanges about recovering two letter of acceptance (LOA) from Vadodara Division of Western Railway. The first was for various civil engineering works such as earthwork, blanketing, construction of retaining walls, boundary walls, side drains, major and minor bridges etc.
Additionally, it involves the supply of 50 mm machine-crushed stone ballast and the completion of track-related tasks, including linking, in connection with the gauge conversion work along the Nadiad – Petlad route spanning 37.26 kilometres within the Vadodara Division of the Western Railway. This order is worth around ₹245.71 crore.
The second order is of the same nature but is for the Petlad – Bhadran stations (22.50 km) of Vadodara Division of Western Railway. This project is worth around ₹174.27 crore. Both orders are awarded to a joint venture between RVNL and MPCC.
Price Action: RVNL’s share price was up 1.89% to trade at ₹169.90 in the early hours of trading on Friday.
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