Miniratna Stock Hits 5% Upper Circuit on Bagging Rs 1,544 Crore Order

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Miniratna Stock Hits 5% Upper Circuit on Bagging Rs 1,544 Crore Order
Credit: © Reuters.

By Malvika Gurung

Investing.com -- Shares of the state-owned railway company Rail Vikas Nigam (NS: RAIV ) Limited jumped 5% and hit an upper circuit on Wednesday’s intraday trade as the company received an order worth over Rs 1,500 crore by an international entity.

The Miniratna CPSE received a Letter of Award (LOA) on Tuesday, Dec 27, appointed as the Project Implementation Agency for the implementation of the UTF Harbor Project in Maldives, which is a strategic project of the Indian Government.

The project cost stands at Rs 1,544.6 crore and is to be executed within 24 months.

As per the details of the order, the entity awarding the contract is the Ministry of External Affairs (MEA) and has been awarded by an international entity. 

Last week, the mid-cap PSU was awarded a contract for the construction of Bhesan Depot cum Workshop by the Gujarat Metro Rail Corporation (GMRC) for a cost of Rs 198,93,34,549.77.

The terms of the project included the construction of the Bhesan Depot and Workshop that includes DDC, BCC and associated E&M works under Corridor- C2, Bhesan to Saroli, for Surat Metro Rail Project Phase-1, DC 2. The duration of the project is 20 months.

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