Despite the company getting a Letter of Acceptance (LoA) for a project worth Rs 191.53 crore from South Eastern Railway, RVNL shares saw a decline of about 2% per cent on July 25.
The project, according to a regulatory filing from the company, is for “Design, Supply, Erection, Testing & Commissioning of 132 KV Traction Substation, Sectioning post (SPs), and Sub sectioning post (SSPs) in 2x25KV System on Rajkhaswan- Nayagarh-Bolani section of Chakradharpur division of South Eastern Railway to meet 3000MT loading target on EPC mode.”
It is worth mentioning that RVNL was one of the multibagger railway companies that fell sharply after the Union Budget 2024 due to a lack of focus on the industry.
The stock prices of RVNL, Ircon International, IRFC, RailTel and other companies significantly declined as a result of Finance Minister Nirmala Sitharaman’s budget speech, which barely mentioned the railway industry, despite investors’ expectations of significant backing for railroads.
RVNL shares were down 1.66% at Rs 583.00 on the NSE as of 11:13 AM.
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