Rail Vikas Nigam Ltd shares jumped 7.2% on Tuesday, March 26, after the public sector undertaking (PSU) entered into an agreement worth ₹229 crore with the Airports Authority of India (AAI).
In its latest stock exchange filing on Friday, March 22, the company stated that it has signed a Memorandum of Understanding (MoU) with the Airports Authority of India to construct a subway or underpass that will connect the operational area to the statutory body’s residential colony in Kolkata.
The estimated cost for this construction project is ₹229.43 crore, including GST charges.
The Indian Railways PSU emerged as the top gainer on the Nifty Midcap 100 index. Shares of RVNL surged as much as 7.2% to a high of ₹267.8 apiece on BSE.
On Wednesday, March 20, 2024, Rail Vikas Nigam Limited was chosen as the lowest bidder or L1 bidder by South Eastern Railway for a project worth ₹167.28 crore. The contract has been awarded by South Eastern Railway, the company said.
The project details involve the design, supply, construction, testing and commissioning for the upgradation of electric traction system from 1 x 25 KV to 2 x 25 KV traction system for Rajkharsawan-Nayagarh-Bolani section of Chakradharpur division of South Eastern Railway in order to meet the 3,000 MT loading target, the company said last week.
RVNL’s shares have recorded an almost 50% growth in the last three months, and are up over 45% this year, so far. The stock has given returns of 307% returns to its investors in the last one year.
Shares of RVNL were trading 4.8% higher at ₹261.8 apiece on BSE at 1:19 pm.
