RVNL bagged another major contract from one of India’s leading power companies.
What Happened: The company on Thursday evening announced receiving a letter of acceptance for an order from National Thermal Power Corporation (NTPC). It is a Project Execution Agency (PEA) contract for the execution of balance civil & HM works of Barrage Complex including part of Rammam Hydro Electric Project Stage-III.
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The order is worth around ₹495 crore and is expected to be completed to in 66 months. Just yesterday the company announced bagging another order from Dakshin Haryana Bijli Vitran Nigam Limited. The order is worth around ₹124 crore. The company also got another letter of acceptance on Wednesday for an order from Eastern Railway. The order is worth around ₹390.97 crore and is expected to be completed in 24 months.
The RVNL share price recovered on Thursday. The railway stock had slumped sharply on Tuesday as the election results delivered an unexpected mandate. The recovery comes today as Narendra Modi‘s path to becoming prime minister becomes clear. This brought optimism to investors who expect political stability and policy continuity.
Price Action: RVNL’s share price was up 4.34% to close at ₹368.65 on Thursday.
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