Rail Vikal Nigam Limited (RVNL) shares gained 5 percent on May 11 morning after the company received a letter of acceptance from the Mumbai Metropolitan Region Development Authority for a project.
The project, which is in partnership with Siemens India Limited as the lead in the consortium with a 60 percent share, involves designing, making, supplying, installing, testing, and starting up two 110KV receiving substations, as well as the necessary cabling and power distribution systems, and a SCADA system for the Mumbai Metro line 2B, the company said.
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The size of the orders is Rs 300 crore (excluding the GST and custom duty) and EUR 8.8 million. Time period by which the orders are expected to be executed is 36 months.
RVNL is a wholly owned subsidiary under the Ministry of Railways and was recently upgraded to ‘Navratna’ Central Public Sector Enterprises (CPSE) status from a ‘Miniratna’ category by the government.
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The company’s market capitalisation has jumped over 300 percent in the last year and over 150 percent in the last six months. At 11.03 am, the scrip was trading 4.97 percent up at Rs 127.90 on the NSE, with the benchmark Nifty trading 0.077 percent up at 18,329.20 points.
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