RVNL Secures Rs 404-Crore Road Doubling Project From East Coast Railway
The project is expected to be completed within a timeframe of 30 months, RVNL said in an exchange filing.
Rail Vikas Nigam Ltd. received letter of acceptance from East Coast Railway for a Rs 404.4-crore road doubling project, according to an exchange filing on Tuesday.
The project involves "earth work in formation of approaches, protection works and other connected miscellaneous works between Tikiri and Bhalumaska stations," the filing stated.
The project is expected to be completed within a timeframe of 30 months, RVNL added.
The order win was announced by the central public sector undertaking days after it bagged a Rs 3,622-crore order for middle-mile network development from Bharat Sanchar Nigam Ltd.
Earlier in December, RVNL had received letter of acceptance from the Maharashtra Metro Rail Corp. for a Rs 270-crore order.
RVNL is yet to post the December quarter results. The company's net profit in the September quarter had declined 27% to Rs 286.9 crore, as compared to Rs 394.4 crore in the same period last year.
The rail infrastructure developer recorded a 1.2% dip in its revenue to Rs 4,854.95 crore in the July-September period, as against Rs 4,914.3 crore in the year-ago quarter.
Shares of RVNL on Tuesday closed 1.73% lower at 400.1 apiece on the National Stock Exchange, as compared to a 1.62% rise in the benchmark Nifty 50. The stock has risen by 42.2% in the last 12 months.
Out of three analysts tracking the company, one has a 'buy' rating on the stock, one maintains 'hold,' and one recommends 'sell', according to Bloomberg data. The average of 12-month analysts' price targets suggests a potential downside of 37.3%.
