Shares of Rail Vikas Nigam Ltd. (RVNL) fell by 1% after reaching a day’s high of Rs 533.50 on 1st October. This was following the firm’s announcement that it emerged as the lowest bidder for an East Coast Railway project, as stated in an exchange filing.

The company has emerged as the lowest bidder for the construction of the third and fourth lines between Jarapada and Talcher Road and a new line between Angul and Balram, which is part of the MCRL Internal Corridor Phase-I doubling project.

The scope of the order includes executing the remaining earthwork, constructing minor and major bridges, P-way linking works, supplying ballast, building S&T structures, managing level crossings, and performing other miscellaneous tasks between Jarapada and Talcher Road, excluding the station yards for the Jarapada-Budhapank project, and between Angul and Balram, including the yards for the MRCL Inner Corridor Phase-I doubling.

According to RVNL’s exchange filing, this project will cost approximately Rs 283.7 crore and must be executed within the next 24 months.

This is the first project for which RVNL has been declared the lowest bidder in the October-December quarter.

At 2:47 PM, the shares of RVNL were trading 1.10% lower at Rs 525.60 on NSE.

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