Railway Stock Bags ₹123 Cr Order, Shares Jump

Shares of RVNL continued to make gains for the second straight session on Wednesday going up close to 2%.

What Happened: The company on Monday evening announced that it had emerged as the lowest bidder
for a contract by Southern Railway. The order is for the major upgradation/redevelopment of Varkala Sivagiri Railway Station in Kerala.

The total project cost is ₹123.36 crore. The project is awarded to the joint venture between KRDCL and RVNL. KRDCL is the lead partner with a 51% share in the JV.

See Also: SEBI Launches Major Raids Across 100 Locations In Gujarat Targeting Stock Market Fraud

Last week, the railway company announced it had emerged as the lowest bidder 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.

Price Action: RVNL’s share price was up 1.52% to trade at ₹186.65 as the markets opened on Wednesday.

Read Next: Sovereign Gold Bonds Series III Now Open For Subscription: Here’s How To Buy SGBs Online

Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.

Posted In: EquitiesNewsContractsMarketsMoversTrading IdeasRail Vikas Nigam