State-run Rail Vikas Nigam Ltd. has emerged as the lowest bidder for an East Coast Railway project, it said in an exchange filing on Tuesday, October 1.

The company has emerged as the lowest bidder for the third and fourth line between Jarapada & Talcher Road and the construction of a new line between Angul-Balram, which is part of the MCRL Internal Corridor Phase-I doubling project.

The scope of the order will involve execution of balance earthwork in formation, minor bridges, major bridges, P.way linking works, supply of ballast, S&T buildings, level crossings and other miscellaneous works between Jarapada and Talcher road, excluding the station yards in connection with the third and the fourth line of the Jarapada-Budhapank project and between Angul and Balram, including yards of MRCL Inner corridor Phase-I doubling.

Cost of this project is said to be ₹283.7 crore and it has to be executed in the next 24 months, RVNL said in its exchange filing.

This is the first project for which RVNL has been declared as the lowest bidder for in the October-December quarter.

Shares of RVNL had recovered from the lows of the day but are back to seeing some selling pressure. The stock is currently trading 1.3% lower at ₹524.25.

RVNL shares have corrected nearly 20% from their recent peak but have still risen 190% so far in 2024.