RVNL‘s share price was upbeat on Thursday morning going up around 2% to hit an intraday high of ₹417.
What Happened: The railway major announced on Wednesday evening that it has secured another order from Southern Railways. The rail infrastructure company received a letter of acceptance from Southern Railway for automatic signalling work on the Ernakulam JN (ERS) – Vallattol Nagar (VTK) section on the B-Route of the Thiruvananthapuram Division.
This project, valued at approximately ₹156 crore, is expected to be completed in 750 days. The order has been awarded to a joint venture between RVNL and Karnataka Road Development Corporation, with RVNL holding a 49% stake in the joint venture.
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The order comes on the heels of another order last week, when RVNL was declared the lowest bidder for an order from South Eastern Railway. This project involves designing, supplying, installing, testing, and commissioning a 132-kilovolt traction substation, along with sectioning posts (SPs) and sub-sectioning posts (SSPs) for a 2×25 kilovolt system. The order is valued at around ₹191.53 crore and is expected to be completed in 18 months.
In the last 30 days, the company has bagged orders worth over ₹1,000 crore. The company’s order book at the end of March stood at ₹85,000 crore. The company had seen order inflows of over ₹20,000 crore.
Price Action: RVNL’s share price was up 1.86% to trade at ₹416.70 as the markets opened on Thursday.
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