RVNL Completes Orange Line's Final Piers Construction Ahead Of Schedule

RVNL has completed the construction of the final two piers of the Orange Line at Metropolitan, Kolkata, a month ahead of the scheduled traffic block end date of September 13.

What Happened: RVNL wrapped up the construction of the last two piers of the Orange Line’s Metropolitan section, 30 days before the traffic block’s conclusion, Times of India reported. This progress paves the way for the construction of a viaduct atop the piers and the filling of a 125m gap at the site on the EM Bypass. RVNL aims to complete the 8km extension from Ruby to Sector V by December.

In June, Kolkata Police’s traffic department granted RVNL a 90-day traffic block for the Orange Line project. The construction agency has been seeking access to the site for the past six years to bridge the 125m gap at Metropolitan on EM Bypass. With the completion of the pier construction, RVNL is set to return to the site for normal traffic movement.

See Also: Tata Steel, SAIL, Coal India And Other Steel And Mining Stocks Down After This SC Judgement

A railway official revealed that the work was expedited due to the critical nature of the EM Bypass stretch. The staging around the portal beams would be removed by Wednesday, August 14, freeing the site for traffic movement.

Earlier today, RVNL’s share price dipped close to 2% as several railway stocks were under the pump on Wednesday. Analysts at IDBI Capital maintained the "hold" rating for the stock with a price target of ₹549, indicating a 3%-4% downside from the current levels.

Analysts at Antique Broking resumed coverage with a "sell" rating for the stock with a price target of ₹283, indicating a 50% downside from the stock's current levels.

Read Next: After RVNL, IRCON, Texmaco Rail Also Sees Orderbook Contract In Q1