RVNL shares rise over 5% on multiple order wins

RVNL shares surge: Rail Vikas Nigam limited (RVNL) rose as much as 5.38 per cent to hit an intraday high of Rs 234.75 per share on Thursday after the company secured multiple orders worth Rs 280 crore from two state-run entities.

RVNL won an order worth Rs 174 crore from Madhya Pradesh Power Transmission Company Limited, on March 13.

The state-owned company, via an exchange filing said, “It is hereby informed that RVNL-SALASAR JV has received Letter of Award (LoA) from Madhya Pradesh Power Transmission Company Limited for “construction of 132 kV & 220 kV transmission lines and associated feeder bays on total turnkey basis in Eastern MP.”

Under the terms of deal, the Indian railway PSU will be responsible for the construction of 132kV & 220kV transmission lines and associated feeder bays on a total turnkey basis in eastern Madhya Pradesh.

RVNL is expected to deliver the project within 18  months, the company said in a statement.

The company also secured an order of over Rs 106 crore from MP Paschim Kshetra Vidyut Vitran Company.

In a separate exchange filing, RVNL said, “It is hereby informed that letter of award (LoA) received from MP Paschim Kshetra Vidyut Vitran Company Ltd for “supply, installation, testing and commissioning of New 11 KV line for bifurcation & interconnection, additional 11 KV bay at 33 / 11 KV sub-station, augmentation of conductor of 33 KV & 11 KV lines, Additional distribution transformer substations with associate new 11 KV Lines, LT line on AB cable, conversion of bare LT line with AB Cable, augmentation of LT AB cable, cover conductor for 11 KV line crossing agriculture & non agriculture feeder, 11 kv and 33 kv bus bar renovation other associated work and supporting works such as DPs, TPs, Crossing etc. in Jhabua O&M division (LOT-12) under the revamped reforms-based and results-linked, distribution sector scheme.”

Shares of the company delivered stellar returns to its shareholders in 2023 by surging 260 per cent.

Notably, the stock has risen over 26 per cent year to date (YTD). The stock’s 52-week high is Rs 345.60 while its 52-week low is Rs 60.30 per share.

As of 9:56 am, stocks of RVNL were trading 3.32 per cent higher at Rs 230.15 per share.