Rail Vikas Nigam Limited (RVNL), a Mini-Ratna CPSE gained 4 percent in the early hours to trade at Rs 74.85 levels. The shares edged higher after the company bagged projects worth Rs 1,134.1 Crore.
RVNL received a letter of approval (LoA) on January 10th, 2023, for constructing an elevated viaduct (approximate length of 10 kilometers), nine elevated metro stations, and a stabling viaduct, the company said in its exchange filing.
Rail Vikas Nigam is engaged in the business of implementing rail infrastructure projects assigned by the ministry of railways, including doubling, gauge conversion, new lines, electrification, major bridges, workshops, production units, and sharing freight revenue with the railways.
The company has bagged multiple projects in the past few months. Last week, it received an order worth Rs 166.26 crore from Gujarat Metro Rail Corporation for the Surat Metro Rail project.
Before that, in December, RVNL was selected as the implementation agency for the UTF Harbor Project in Maldives which was worth Rs 1,544.60 crore. The project was awarded by the Ministry of External Affairs.
This caused the shares to deliver a multibagger return of 139 percent in the last six months as the price has risen from Rs 31.55 in July 2022 up to the current levels. An investment of Rs 1 lakh would be worth Rs 2.39 lakhs in just 6 months.
Written by Anoushka Roy
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