RVNL Shares Surge 9% on MoU with Israeli Firm

22 Jul 2024 CW Team

Shares of Rail Vikas Nigam Ltd (RVNL) soared by 9% to Rs 637.80 on the BSE following the announcement of a significant Memorandum of Understanding (MoU) with United Construction Limited, Israel. The RVNL stock rebounded by 12% from its intra-day low of Rs 569.80.

In an exchange filing, RVNL disclosed that the MoU aims to foster cooperation for securing projects across various sectors including Railways, Mass Rapid Transit System (MRTS), tunnels, roads, bridges, building works, airports, ports, irrigation, power transmission and distribution, solar, and wind sectors in Israel.

In a separate filing, RVNL announced that the Hon'ble tribunal awarded Rs 5.84 billion in favor of its joint venture company, Krishnapatnam Railway Company Limited (KRCL), in an arbitration with the Ministry of Railways (MoR).

RVNL, along with its subsidiaries and joint ventures, is deeply involved in implementing diverse rail infrastructure projects assigned by MoR, including gauge conversion, new lines, railway electrification, major bridges, workshops, and production units. The company has successfully constructed major workshops for Indian Railways and is expanding its reach to secure rail infrastructure projects overseas.

Additionally, RVNL recently signed an MoU with IMS Consultancy Private Limited for providing technical and advisory services for various infrastructure projects in Nepal.

So far in 2024, RVNL's market price has surged nearly 250%, and 430% over the past year, outperforming the BSE Sensex's gains of 12% and 21%, respectively.

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