Shares of Rail Vikas Nigam Ltd (RVNL) surged as much as 4.11% on Wednesday after the Navratna public sector undertaking (PSU) announced that it had bagged three orders from the Chennai Metro Rail Limited (CMRL).

Shares of RVNL hit an intraday high of Rs 127.75 per share in the session. The scrip closed at Rs 123.80, up 0.9% from the previous closing price on the National Stock Exchange (NSE). 

CMRL had awarded three Letters of Acceptance (LoAs) of 12 Underground Stations for the phase-II Project to RVNL. All three orders granted by the domestic entity follow the ‘General Contract Conditions’.

The first order is for 5 underground stations at KMC, Sterling Road JN, Nungambakkam, Gemini, Thousand Lights and Thousand Lights crossover box and 2 underground stations at Royapettah government hospital & Chetpet Metro in Corridor-2 of CMRL Phase-II project.

The contract, with an order value of Rs 1,730.59 crore, will be executed within 1,725 days.

Another order awarded is for the construction of 4 underground stations at Dr Radhakrishnan Salai, ThirumaYilai, Mandaneli, and Adyar Junction and two cross passage shafts and one emergency escape shaft and other works at one underground station at Greenways Road. The order value is Rs 1,462 crore and will be done in 1,725 days.

The last order is for constructing 3 underground stations at Adyar Depot, Indira Nagar, and Taramani Road Junction and works other than the Diaphragm wall of the underground station at Thiruvanmiyur. This order is valued at Rs 865.6 crore and will be executed in 1,630 days.