Rail Vikas Nigam Ltd. said on Friday it has emerged as the lowest bidder for development of power distribution infrastructure in Punjab worth Rs 642 crore. The tender was floated by Punjab State Power Corp.
The work involves "development of distribution infrastructure work for package-3 Central Zone for execution of HT/LT cable infrastructure loss reduction works under reforms-based and results-linked revamped distribution sector scheme", according to an exchange filing.
The project is scheduled to be completed in two years.
Earlier this week, RVNL received a letter of acceptance from South Central Railway for a project worth Rs 625 crore. The order includes engineering, procurement and construction work of Prabhani-Parli doubling project in the state of Maharashtra.
The order is for doubling of track between Parbhani to Parli stations that stretches across 58.06 km, according to the exchange filing released on Tuesday. The project also includes electrification and signaling works.
The domestic project is to be completed within 30 months. This is the second project for doubling of track from South Central Railway in the span of one week.
RVNL Share Price
RVNL stock closed 1.7% lower at Rs 435.8 per share, ahead of the announcement. This compares with a 0.9% advance in the benchmark Nifty 50.
The share price has risen 163% in the last 12 months and 140% year-to-date.
Out of three analysts tracking the company, one maintains a 'buy' rating, one recommends a 'hold' and one suggests 'sell', according to Bloomberg data. The average 12-month analysts' consensus price target implies a potential downside of 42.1%.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
