RVNL bags contract of Rs 11.34 billion from Chennai Metro Rail Project

13 Jan 2023 CW Team

Rail Vikas Nigam (RVNL) saw its share price edge higher following its announcement of being awarded an Rs 11.34 billion Chennai Metro Rail project.

This project includes the construction of an elevated viaduct (approximate length of 10 km), nine elevated metro stations and a stabling viaduct. RVNL was trading at Rs 71.65, up Rs 1.30, or 1.85 per cent, on BSE. It touched an intraday high of Rs 72.70 and an intraday low of Rs 70.30.

RVNL, which is engaged in the business of implementing rail infrastructure projects assigned by the Ministry of Railways, such as doubling, gauge conversion, new lines, electrification, major bridges, workshops, production units, and sharing of freight revenue with the railways, saw a 36.5 per cent jump in its consolidated net profit to Rs 3.81 billion in the September quarter of FY23, on the back of a 21.9 per cent rise in net sales to Rs 49.08 billion compared to Q2 FY22.

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