RVNL shares jump 3% after winning Rs 404 crore project from East Coast Railway

Earlier on December 31, 2024, RVNL had announced that it had emerged as the lowest bidder for the given project.

Debaroti Adhikary

February 05, 2025 / 09:50 IST

RVNL

26 Aug, 2025 12:21

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The shares of Rail Vikas Nigam Limited (RVNL) jumped over 2 percent to open at Rs 410.05 apiece on February 5 after the company announced that it has received the Letter of Acceptance (LoA) for a project worth Rs 404.40 crore from the East Coast Railway.

Later, the shares extended gains to trade at Rs 412.50 apiece. This marks a rise of over 3 percent from its previous closing price of Rs 400.20 apiece.

In an exchange filing released in the post market hours of February 4, the company announced that the LoA is part of the 'Koraput-Singapur Road Doubling Project' which includes the execution of 27 major bridges and earth work in formation of approaches, protection works and other miscellaneous works between Tikiri and Bhalumaska stations in Odisha. RVNL has been tasked to complete the project in 30 months.

Earlier on December 31, 2024, RVNL had announced that it had emerged as the lowest bidder for the given project.

RVNL shares have seen significant volatility in the past few days. Before Finance Minister Nirmala Sitharaman presented the Union Budget 2025-2026 on February 1, the railway stock rallied along with other stocks in the pack. It then hit a 1-year-high level of Rs 501 apiece. However, after the finance minister mentioned no major reforms for the sector in the Budget and kept the FY26 capital expenditure (capex) for Indian Railways unchanged at Rs 2.52 lakh crore, the stock tumbled. The stock is currently down nearly 18 percent from its February 1 level.