Shares of Rail Vikas Nigam Restricted (RVNL) slumped 3% on Monday, 24 February, regardless of the corporate saying rising because the Lowest Bidder (L1).
In its regulatory submitting, the corporate stated that they’ve been chosen by South Western Railway because the Lowest Bidder (L1) for a big challenge, the corporate introduced on Friday.
The submitting added that the scope of the order is Engineering, Procurement, and Building (EPC) for the design, provide, erection, testing, and commissioning of the two×25 KV Overhead Electrification (OHE) and Energy Provide (PSI) System” between Rayadurga and Topavagada within the TK-RDG part.
The scope of the contract contains the set up of Transmission Substations (TSS), Switching Posts (SPs), and Sectioning and Paralleling Posts (SSPs) along with normal electrical providers, engineering, and telecommunications work. In whole, the challenge would require roughly 99.463 RKM/114.145 TKM.
In line with a SEBI round, the challenge is home in scope and is predicted to be accomplished in 18 months. The estimated whole value of the challenge is Rs 156.36 crores.
RVNL’s profitable proposal was submitted consistent with normal enterprise practices; the promoter group companies didn’t participate within the contract awarding course of. The corporate has confirmed that this transaction doesn’t embody associated occasion transactions.
RVNL is a public sector enterprise (PSU) beneath the Ministry of Railways. The corporate plans and constructs rail infrastructure tasks in India.
At 1:15 pm, the shares of RVNL have been buying and selling 2.04% decrease at Rs 364.10 on NSE.
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