RVNL’s share price continued to make gains on Tuesday morning, going up over 4% to hit an intraday high of ₹185.60.

What Happened: The surge today comes as the railway company on Monday evening announced that it had emerged as the lowest bidder (L1) for a crucial project under the Madhya Pradesh Metro Rail Corporation in collaboration with URC Construction Pvt Ltd.

The project, valued at ₹543 crore, involves the “part design and construction of elevated viaduct, five elevated metro rail stations, and ramp” for the Indore Metro Rail Project. RVNL’s share of the joint venture stands at 51%.

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The scope of work includes the design and construction of an elevated viaduct and five strategically located elevated metro rail stations at Shaheed Bagh, Khajrana Chauraha, Bengali Chauraha, Patrakar Colony, and Palasia Chauraha. Additionally, the project encompasses the construction of a ramp between specified chainages. The execution timeline for this order has been set at 1,092 days (three years).

The foundation stone for the first phase of the Indore metro rail project, with a budget of ₹7,500.80 crore, was laid on September 14, 2019. The total planned network for the Indore Metro is expected to cover a distance of 31.50 kilometres.

Price Action: RVNL’s share price was up 2.41% to trade at ₹182.65 as the markets opened on Tuesday.

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