Construction Industry News
Rail Vikas Nigam (RVNL) rose 1.14% to Rs 65.40 after the company announced that the Rachana-RVNL joint venture (JV) had received the letter of acceptance (LOA) for an Rs 252.21 crore project in Gujarat.
The scope of the project includes the EPC upgrade to six lanes with a paved shoulder of the Sarkhej-Changodar section of NH-SA (new NH-47) for the Ahmedabad-Bagodara-Rajkot road in Gujarat. (Package-7).
The project will cost Rs 252.21 crore. According to the agreement, Rachana Construction will own 60% of the project, while RVNL will own 40%.
Rail Vikas Nigam is engaged in completing all types of railway projects, such as new lines, doubling, rail conversion, electrification of railways, metro projects, workshops, large bridges, cable car bridge construction, institutional buildings, and so on. The government owned 78.2% of the company as of December 31, 2022.
In Q3 FY23, the company reported a 30.5% increase in consolidated net income to Rs 382.42 crore, up from Rs 293.01 crore in Q3 FY22. Operating revenue decreased slightly to Rs 5,012.09 crore in Q3 FY23, compared to Rs 5,049.24 crore in the same quarter last year.
