RVNL announced the acquisition of three significant orders valued at Rs 11,256 crore from Chennai Metro Rail Ltd (CMRL).
RVNL Shares: Rail Vikas Nigam Limited (RVNL) shares rallied 4.1 per cent on Wednesday, June 21, as the company announced the acquisition of three significant orders valued at Rs 11,256 crore from Chennai Metro Rail Ltd (CMRL).
Chennai Metro has awarded RVNL the construction of five underground stations at KMC (Kilpauk), Sterling Road JN, Nungambakkam, Gemlni (Anna Flyover), Thousand Lights and Thousand Lights crossover box, and works of two underground stations at Royapettah government hospital (Roy Apettah) & Chetpet Metro
The order value is Rs 1,730.59 crore and to be executed in 1,725 days.
The second order is for the construction of four underground stations at Dr. Radhakrishnan Salai, ThirumaYilai, Mandaneli, and Adyar Junction and two cross passage shafts and one emergency escape shaft and other works at one underground station at Greenways Road. The order value is Rs 1,462 crore and is to be done in 1,725 days.
The third order is for the construction of three underground stations at Adyar Depot, Indira Nagar, and Taramani Road Junction (Taramani) and wall and works other than the Diaphragm wall of the underground station at Thiruvanmiyur. This order is valued at Rs 865.6 crore and is to be executed in 1,630 days.
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During Wednesday’s trade, the stock opened at a price of Rs. 127 per share against the previous close of Rs. 122.70 per share and grew further during the early trading session to touch an intraday high of Rs. 127.75.
The stock touched a 52-week high of Rs. 144.40 on May 08, 2023, and a 52-week low of Rs. 29.05 on June 21, 2022, indicating that at the current level, the stock is trading over 328 percent above its 52-week low and 13.8 percent below its 52-week high.
The stock has grown almost 78 per cent in the last six months. Moreover, in the last one year, it has yielded a return of nearly 314 per cent. In the past five years, it has gained over 530 per cent.
In other news, RVNL has refuted the report of a fallout with Russian Transmashholding (TMH) and confirmed that its joint venture remains intact. The company stated that the bank guarantee will be deposited on time, dispelling any concerns about the partnership.
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Rail Vikas Nigam Limited (RVNL) is a special purpose vehicle (SPV) engaged in undertaking development projects. The company executes all types of railway projects including new lines, doubling, gauge conversion, railway electrification, metro projects, workshops, major bridges, construction of cable-stayed bridges, and institutional buildings.
