RVNL Shares Zoom Over 2% After Company Secures Rs 1,098-Crore Order From Himachal Govt

The share price of Rail Vikas Nigam Ltd (RVNL) traded higher on Tuesday (October 3) after the state-owned company secured a Rs 1,098 crore order from the Himachal Pradesh State Electricity Board. Today, RVNL shares gained 2.36% at Rs 173.40 per share at 10:17 am IST. The stock has 52 Wk High and 52 Wk low of Rs 199.35 and Rs 33 respectively. The stock has gained almost 380% in the last one year, while its year-to-date (YTD) performance is up over 150%.

In an exchange filing on September 29, 2023, the company said, "It is hereby informed that "M/s RVNL emerges as the Lowest Bidder (L1) for Development of Distribution Infrastructure at SOUTH ZONE of Himachal Pradesh under the Revamped Reformsbased and Results-linked, Distribution Sector Scheme (Loss Reduction Works)."

According to the company, the project pertains to the development of distribution infrastructure in the south zone of Himachal Pradesh under the 'Revamped Reforms based and Results-linked, Distribution Sector Scheme. The order involves a consideration of Rs 1097,68,43,890 (including Tax) and has to be executed in 24 months.

In a separate announcement on the same day, Rail Vikas Nigam which is a government-owned 'Navaratna' company also announced that the Comptroller and Auditor General of India has appointed M/s V. K. Dhingra & Co., Chartered Accountants as Statutory Auditor of the Company under Section 139 of the Companies Act, 2013 for the financial year 2023-24.

The company reported a 15% year-on-year (YoY) growth in its consolidated net profit to Rs 343 crore in the June quarter compared to Rs 297.6 crore in the corresponding quarter of the last fiscal. RVNL's revenue from operations rose 20% YoY to Rs 5853.2 crore in Q1.