RVNL‘s share price was in the green on Thursday morning extending gains from Wednesday when it closed with a 6% jump. The jump today comes as the company received a major order from the East Coast Railway.
What Happened: RVNL announced on Wednesday evening that it received the letter of acceptance for a project involving the construction of the third and fourth lines between Jarapada & Talcher Road and a new line between Angul-Balram, valued at ₹283.69 crore with an expected completion timeline of two years.
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This award comes shortly after RVNL won a metro construction contract from Maharashtra Metro Rail Corporation Limited for the Nagpur Metro Rail Phase-2 project, involving the construction of seven elevated metro stations in Reach 3A and three in Reach 4A.
RVNL’s share price has seen some recovery in the past few days after taking a beating on bourses since July. In the last five days, the stock has increased around 6%. Year to date, the stock is still up around 150%.
Price Action: RVNL’s share price was up 2.59% to trade at ₹476.40 as the markets opened on Thursday.
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