Rail Vikas Nigam share price rises after ₹554.64 crore NHAI order for Visakhapatnam Port connectivity

The stock surged 2.15% to ₹365.6 apiece on the National Stock Exchange (NSE) at 9:35 am. Its market capitalisation stands at ₹76,228.33 crore.

In an exchange filing, the company said it has received a letter of acceptance (LoA) from NHAI for "construction of 6 lane access controlled connectivity to Visakhapatnam Port Road from Km 0.000 (Sabbavaram bypass of Anakapalli - Anandapuram corridor) to Km 12.660 (Sheelanagar junction) of NH 516C on Hybrid Annuity Mode in the State of Andhra Pradesh under NH (O) on Hybrid Annuity Mode."

The cost of the project is ₹554,64,84,000. The order needs to be executed in 730 days, the company said.

RVNL said that the promoter and promoter group companies have no interest in the entity that awarded the project, and the order does not fall within related party transactions.

Earlier this month, the company secured ₹156.35 crore order from South Western Railway for "engineering, procurement and construction (EPC) for design, supply, erection, testing, commissioning of 2X25 KV OHE & PSI system (TSSs & SPs & SSPs) including electrical general services, engineering & telecommunication works between Rayadurga (Excl.) (CH: 205/463) Topavagada (Incl.) (CH: 106/000) of TK-RDG section (99.463 RKM/114.145 TKM)."

On March 4, RVNL bagged ₹729.82 crore order from Himachal Pradesh State Electricity Board for “development of distribution infrastructure at CENTRAL ZONE of Himachal Pradesh under the revamped reforms-based and results-linked, distribution sector scheme (Loss reduction work).”