RVNL‘s share price jumped back in green on Tuesday after the company announced bagging multiple orders on Monday evening.
What Happened: The railway major on Tuesday announced securing a contract worth ₹394 crore from Bangalore Metro Rail Corporation Ltd (BMRC). According to an exchange filing, the order is won by a consortium comprising Siemens Limited and RVNL.
This project involves the engineering, supply, erection, testing, and commissioning of 33-kilovolt distribution, 750V DC third rail traction electrification, including traction substations, auxiliary substations, and the SCADA ( Supervisory Control and Data Acquisition) system for phases 2A and 2B of the Bangalore Metro. The contract is set to be completed within 130 weeks, as per the exchange filing.
The rail infra major also informed the exchanges that it has emerged as the lowest bidder for another project with Central Railway. This project entails modifying the existing 1 x 25 kilovolt electric traction system to a 2 x 25 kilovolt AT feeding system in the Amla-Nagpur Section of the Nagpur division of Central Railway.
The objective of this upgrade is to meet the loading target of 3000 metric tonnes. The contract for this project is valued at ₹138 crore and must be executed within the next 24 months.
The company has been receiving several orders over the past month that have propelled its stock to new heights.
Price Action: RVNL’s share price was up 2.30% to trade at ₹382.60 as the markets opened on Tuesday.
Read Next: Fake Videos Of NSE Chief Giving Investment Advice Doing Rounds On Net, Exchange Warns Investors
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.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.