Miniratna Railway Stock Rises on Winning Contract Worth Rs 1,134.11 Crore

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Miniratna Railway Stock Rises on Winning Contract Worth Rs 1,134.11 Crore

By Malvika Gurung

Investing.com -- The state-owned railway company Rail Vikas Nigam (NS: RAIV ) Limited (RVNL) has bagged a contract worth Rs 1134,11,42,182 crore from Chennai Metro Rail Limited for three construction orders.

The Miniratna CPSE received a Letter of Acceptance (LOA) on Tuesday, Jan 10, 2023, for a mega order worth over Rs 1,134 crore, including GST and provisional sum from CMRL, it informed the stock exchanges on Jan 11. Chennai Metro Rail is a joint venture between the Government of India and the Government of Tamil Nadu (NS: TNNP ).

According to the nature of the contract, RVNL has been awarded to construct:

  • Elevated Viaduct of an approximate length of 10 km,
  • Nine elevated metro stations at Sholinganallur Lake-I, Sri Ponniamman Temple (Sholinganallur Lake-II), Sathyabama University (Semmeancheri-I), SemmeancheriII, Gandhi Nagar, Navallur, Siruseri, Siruseri SIPCOT-l and Siruseri SIPCOT-2, and
  • Stabling Viaduct at SIPCOT.

The time period awarded for the execution of the domestic order has been set as 1,065 days.

On Dec 22, Investing.com reported that Rail Vikas Nigam was appointed as the Project Implementation Agency for the implementation of the UTF Harbor Project in the Maldives, which is a strategic project of the Indian Government.

The project cost stood at Rs 1,544.6 crore and shall be executed within 24 months, the report added.

The state-owned company’s shares surged 3.33% to Rs 72.7 apiece on Wednesday.

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  • Jattjames Bond @Jattjames Bond
    did it came some down in this week
    Like 0
  • Mukesh Rathore @Mukesh Rathore
    wedge pattern on chart.
    Like 0

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