Railway PSU RVNL gets Letter of Award for ₹111 crore project from Southern Railway – CNBC TV18
Shares of state-run Rail Vikas Nigam Ltd. are attempting a recovery from the lows of the day after it received the Letter of Award for a project from the Southern Railway.
| Company | Value | Change | %Change |
|---|
The company was declared as the lowest bidder (L1) for the said project on August 27 this year.
The scope of the order involves provision of MSDAC with existing DCTC at stations and replacing the balance AFTCs across various sections of the Chennai Division in the Southern Railway.
The ₹111 crore contract has to be executed in the next 18 months.
RVNL has not shared what does this order win do to its order book.
Shares of RVNL are currently trading 0.7% lower at ₹470.75. The stock had witnessed some buying in the last few trading sessions, having recovered 17% from the lows it made in November this year.
Despite the slight recovery, the stock is down close to 30% from its peak of ₹647. Yet, the stock has seen gains of 158% so far in 2024.
