RVNL shares rose by 8% to Rs 455 on November 25 after receiving a letter of acceptance from Eastern Railway for a project worth Rs 837.67 crore. The project involves earthwork, bridge construction, and railway track laying over a distance of 55.2 kilometers between Kalipahari and Pradhankhuta.
The project is expected to be completed in 36 months. Additionally, RVNL's consortium has been identified as the lowest bidder for a BSNL project worth approximately Rs 5,008.20 crore. The contract will cover construction over three years and maintenance for a decade. The share distribution among RVNL, HFCL, and Aerial Telecom within the consortium is yet to be determined.
Despite recent positive news, RVNL shares have declined by over 26% in the past three months.