RVNL surges 10% as JV emerges lowest bidder for project worth Rs 2,249 cr

Shares of Rail Vikas Nigam Limited (RVNL) hit a new high of Rs 118.40, as they rallied 10 per cent on the BSE in Tuesday’s intra-day trade after RVNL-SCC joint venture (JV) emerged as the lowest bidder (L1) for project cost of Rs 2,249 crore from the Additional Chief Engineer, Water Resources Zone, UHLC, Udipar.

The nature of contract is planning, design and construction of main Canal and Structures including associated distribution system to provide Irrigation facility to 41903 ha. area through Piped Irrigation network for upper high-level canal of Mahi Bajaj Sagar Project, Banswara (Rajasthan) on Engineering, Procurement and Construction (E.P.C.) single responsibility turnkey basis, including 10 years O&M. The order should be executed in 42 months.