Rail Vikas Nigam Limited (RVNL) share price rose nearly 8% to reach a 52-week high of Rs 399.90 on the National Stock Exchange (NSE) following the announcement of a contract win.

RVNL has won a contract to build six elevated metro stations for Maharashtra Metro Rail Corporation Limited (Nagpur Metro). The project is worth Rs 187.34 crore and is scheduled to be completed within 30 months. Following this announcement, RVNL’s share price rose by 6% to a 52-week high of Rs 398.35 on May 27.

The six metro stations are Cantonment, Kamptee Police Station, Kamptee Municipal Council, Dragon Palace, Golf Club, and Kanhan River Metro Station. This project is part of the Nagpur Metro Rail Project (NMRP) Phase 2. 

In addition to this, RVNL received a letter of acceptance worth Rs 148.26 crore from South Eastern Railway for the upgradation of the Electric traction system. 

RVNL’s Q4 net profit increased by 33.2% to Rs 478.6 crore, and revenue from operations grew by 17.4% year-over-year to Rs 6,714 crore. At the operating level, earnings before interest, tax, depreciation, and amortisation (EBITDA) in Q4FY24 rose by 21.8% year-over-year to Rs 456.4 crore.

Furthermore, RVNL was fined by NSE and BSE for non-compliance with Regulation-17(1) concerning the independence of board members. RVNL clarified that it is a Government company and has no role in the appointment of Directors. Therefore, they have requested NSE and BSE to waive the fine, stating that it has no impact on the company’s activities.

At 11:52 am, the shares of RVNL were trading 3.02% higher at Rs 381.70 on NSE.