Receipt of LOA from National Mineral Development Corporation (NMDC) Limited
RVNL · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Rail Vikas Nigam Limited (RVNL) has received a Letter of Award from NMDC Limited, a Government of India enterprise under the Ministry of Steel. The contract is for refurbishment of permanent way (railway tracks) of NMDC sidings and mobile equipment tracks, including maintenance, at Kirandul and Bacheli in Chhattisgarh. The order value is Rs 95.27 crore inclusive of 18% GST, and the work is to be completed over 36 months. The order is a domestic contract awarded by a state-owned entity and is not a related party transaction. The company stated the work falls in the normal course of its railway infrastructure business.
This is a moderate-sized contract for RVNL and reinforces its order book in the railway infrastructure and maintenance segment, but is unlikely to materially move the stock given its size relative to RVNL's overall order pipeline. Positive for execution visibility over the next three years.