RVNL shares hit 52-week high on LoA for project worth Rs 132.6 cr from Central Railway

Rail Vikas Nigam

Rail Vikas Nigam (RVNL) share price hits 52-week high of Rs 647 in the opening trade on July 15 after the company received a project from Central Railway.

At 09:32am, Rail Vikas Nigam was quoting at Rs 633.10, up Rs 6.55, or 1.05 percent, on the BSE.

"..... received Letter of Acceptance from Central Railway for OHE modification work for up-gradation of existing 1 x 25 kV Electric Traction System to 2 x 25 kV at feeding system in Wardha-Ballarshah section in Nagpur division of Central Railway to meet 3000 MT loading target," company said in its exchange filing.

The total cost of work is Rs 132,59,20,130.37 and to be executed in 24 months.

3.06 million shares of RVNL traded in two different blocks, reported Bloomberg.

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Last week, the company secured a Letter of Acceptance (LoA) from Maharashtra Metro Rail Corporation (Nagpur Metro) for constructing 6 elevated metro stations under Reach 2B of NMRP Phase 2. These stations include Cantonment, Kamptee Police Station, Kamptee Municipal Council, Dragon Palace, Golf Club, and Kanhan River Metro Station, with a total project cost of Rs 187.34 crore.

The project is scheduled to be completed in 30 months.