RVNL shares in focus today; here’s why

Shares of Rail Vikas Nigam Limited (RVNL) are likely to remain in focus on Thursday following the state-owned infrastructure major's announcement that it was the lowest bidder (L1) for a project worth over Rs 1,200 crore from Northern Railway. This development comes 24 hours after the company secured a contract on Tuesday.

On Wednesday, shares of RVNL jumped 5.73% to settle at Rs 342.45 on BSE.

In a filing to the exchanges on Wednesday, after market hours, RVNL said that its joint venture, RVNL-GPT JV, has successfully emerged as the L1 bidder for the design and construction of new rail cum road bridge no. 11 over the river Ganga.

RVNL is holding a majority 60% share in the JV, while its partner GPT Infraprojects Ltd holds the remaining 40%, it said.

The project, valued at Rs 1,201.35 crore, involves constructing a massive bridge 50 Meters downstream of the existing old Malviya Bridge near Kashi Railway Station in Varanasi, Uttar Pradesh, the company said.

The engineering scope features four-line tracks on the lower deck and six-lane road on upper deck. The structure will include open web steel girders and associated works ranging from OHE to general electrics. The contract is slated to be executed within 48 months, according to the exchange filing.

Just a day prior, on January 27, RVNL informed the bourses that it had emerged as the L1 bidder for a separate project under South Central Railway.

That order, valued at roughly Rs 242.49 crore, involves OHE upgradation of the existing 1X25 kV system to 2X25 kV in the Ongole-Gudur section of the Vijayawada Division.