Rail Vikas Nigam Ltd (RVNL) shares zoomed over 8%, to hit an intraday high of ₹258 on Monday after the rail sector firm's joint venture with URC Construction received a letter of acceptance from the Madhya Pradesh Metro Rail Corp.
The contract is worth ₹543 crore and is for the part design and construction of an elevated viaduct for five elevated metro rail stations and ramps for the Indore Metro Rail Project.
RVNL holds a 51% stake in the joint venture, while URC Construction holds the rest. The company's joint venture emerged as the lowest bidder for the contract in December 2023.
Recently, RVNL also emerged as the lowest bidder, along with its joint venture (JV) partner, for a project worth almost ₹174 crore in Madhya Pradesh.
The railway PSU reported a net profit of ₹358.6 crore in the October-December 2023 quarter, registering a 6.2% year-on-year (YoY) dip from ₹382.4 crore in the same period last year. Its revenue from operations fell 6.4% to ₹4,689.3 crore.
At 3.03 PM, RVNL stock price was up over 4% at ₹246.55. So far this year, RVNL shares have surged over 35%, and the one-year return is more than 285%.
RVNL share price eventually settled at ₹245.10, up 3% on NSE at close.
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First Published: Mar 11, 2024 3:17 PM IST
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