RVNL‘s share price jumped back in the green on Thursday morning going up close to 4% to hit an intraday high of ₹248.85.
What Happened: The railway company on Wednesday evening informed the exchanges that it emerged as the lowest bidder for a contract from South Eastern Railway.
The order entails the design, supply, erection, testing and commissioning for the upgrade of the electric traction system from 1 x 25 kilovolt to 2 x 25 kilovolt traction system for the Rajkharsawan-Nayagarh-Bolani section of the Chakradharpur division of the South Eastern Railway. This upgrade is aimed at meeting the 3,000 MT loading target.
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The order is worth around ₹167.28 crore and is expected to be completed in 18 months. The public sector firm has had a steady inflow of orders that has helped the scale new heights at the bourses. The order today helped the stock jump back into the green after ending Wednesday deep in the red.
Price Action: RVNL’s share price was up 2.40% to trade at ₹244.95 as the markets opened on Thursday.
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