RVNL shares surges after bagging Rs 534 crore contract

Rail Vikas Nigam Ltd. (RVNL) shares on Tuesday rose by as much as 4.12 per cent to hit an intra-day high of Rs 185.60, after the central public enterprise’s joint venture emerged as lowest bidder for Rs 543 crore project.

According to RVNL's latest exchange filing, Railway Vikas Nigam Ltd. in a joint venture with URC Construction on Monday became the lowest bidder (L1 bidder) for Madhya Pradesh Metro Rail project.

The Rs 534 project focuses on "part design and construction of elevated viaduct, 5 elevated metro rail stations, and ramp" for the Indore Metro Rail project.

In this joint-venture, RVNL has a 51 per cent stake, while URC Construction has a 49 per cent stake.

The order involves working on the design, and construction of an elevated viaduct and 5 elevated metro rail stations situated at Shaheed Bagh, Khajrana Chauraha, Bengali Chauraha, Patrakar Colony, and Palasia Chauraha.

The completion period offered to the joint-venture of the construction arm of the Indian Railways for the same is 1,092 days.

As of 10:19 am on Tuesday, RVNL was up by 0.73 per cent at Rs 179.55.