RVNL share price gains on fresh order win from Central Railway. Do you own?

Stock Market Today: Rail Vikas Nigam (RVNL) share price gained in the morning trade on Tuesday following a fresh order win from the Central Railway and a favourable rating outlook by CARE.

RVNL order win details

Rail Vikas Nigam on Monday, March 24, post-market hours announced that it has emerged as the Lowest Bidder (L1) for a Central Railway contract worth over ₹115 crore.

The contract involves OHE modification work for the upgradation of the existing 1x25 KV electric traction system to 2x25 KV at the feeding system in the Itarsi-Amla section in the Nagpur division of Central Railway to meet the 3,000 MT loading target.

The period by which this order is to be executed by RVNL is 24 months.

The broad consideration or size of the order is ₹115,79,37,241.11/- ( ₹One Hundred Fifteen Crore seventy- Nine Lakh Thirty-seven Thousand Two Hundred Forty-one rupees and eleven paise) including applicable taxes, the company said in an exchange filing.

RVNL Credit rating details

Additionally, Rail Vikas Nigam Limited has obtained a favourable credit rating from Care Edge.

RVNL intimated that credit ratings for Long-Term Bank Facilities amounting to ₹30 crore (enhanced from ₹20 crore) have been reaffirmed as CARE AAA; stable by Care Edge.

Rating for the Long-Term/Short-Term Bank Facilities amounting to ₹8,500 crore (enhanced from ₹6480 crore) have been reaffirmed as CARE AAA; Stable /CARE A1+ by Care Edge, as per a filing shared by Rail Vikas Nigam with the exchanges.

RVNL share price movement

RVNL share price opened at 379.95 on the BSE on Tuesday. At the time of opening RVNL's share price was trading 1.26 % higher than the previous day's closing price of ₹371.55. Rail Vikas Nigam Limited or RVNL share price thereafter gained further to intraday highs of ₹380, marking intraday gains of more than 2%.

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