Rail Vikas Nigam shares were trading 3 percent higher on October 3 after the state-run company announced having emerged as the lowest bidder for Himachal Pradesh State Electricity Board’s power distribution infrastructure development project worth Rs 1,098 crore.
“The project pertains to development of distribution infrastructure in the south zone of Himachal Pradesh under the ‘Revamped Reforms based and Results-linked, Distribution Sector Scheme’. The scheme is intended for loss reduction works and is expected to be completed in 24 months,” the company said in a regulatory filing at the exchanges.
At 9.20am on the NSE, the Rail Vikas Nigam stock was quoting at Rs 174.65 apiece, up Rs 5.20, or 3.07 percent. The stock is up nearly 147 percent in year-to-date terms.
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In its results for the April-June quarter, the company reported a 20.06 percent year-on-year (YoY) rise in revenue from operations at Rs 5,572 crore. Net profit for the quarter increased 15.10 percent YoY to Rs 343 crore. The operating profit margins for the quarter remained flat at 6 percent.
Rail Vikas Nigam is a government-owned ‘Navaratna’ company mainly engaged in railway infrastructure project execution activities, including track renewal, electrification, station modernization, and bridge construction.
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