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Shares of Rail Vikas Nigam Ltd. gained as much as 2 percent on Friday after the company received an order worth Rs 166.26 crore from Gujarat Metro Rail Corporation for the Surat Metro Rail project.

The letter of acceptance (LoA) for the project was received by the company on January 4.

The LoA was received by the JV of Rail Vikas Nigam and ISC Projects Pvt. Ltd. It pertains to design, supply , installation, testing and commissioning of ballastless track from Sarthana to Dream city in Elevated and Underground Sections including Connecting Lines to Depot along with Ballasted/Ballastless/ Embedded Standard Gauge Track for Corridor-1, Surat Metro Rail Project, Phase-1.

Rail Vikas Nigam and its JV partner are supposed to complete the project within 22 months. This is the second project received by RVNL from Gujarat Metro Rail Corporation within a fortnight.

On December 23, the railway public sector undertaking also received a Rs 199 crore contract for the construction of a depot cum workshop from Gujarat Metro Rail Corporation.

Last week, RVNL was appointed as the project implementation agency for a Rs 1,544.60 crore strategic project of Government of India in Maldives. The infrastructure development arm of Indian Railways received the contract from the Ministry of External Affairs for the UTF Harbor Project.

RVNL is primarily engaged in developing rail infrastructure projects under the Ministry of Railways. This includes doubling, gauge conversion, new lines, railway electrification and major bridges, among others.

Shares of RVNL are trading 1.2 percent higher at Rs 72.95.