National Highways Authority of India (NHAI) is the entity that has awarded the project. The time period by which the contract is to be executed is 24 months.
Rail Vikas Nigam Limited (RVNL) emerges as the lowest bidder for rehabilitation and up gradation from 4 to 8 laning of Chandikhole- Paradip. The cost of the project is Rs.808 crore.
In the fourth quarter of FY23, the company posted a 5 percent year-on-year fall in net profit at Rs 359 crore. The total revenue stood at Rs 5,719 crore, down 11 percent against Rs 6,437 crore in the corresponding period of the preceding fiscal.
The shares of RVNL are a part of the broader rally in railway stocks. RVNL has gained nearly 70 percent in the past six months and on July 7, the stock closed the trading session with fall of less than 1 percent.