RVNL’s share price came back strong on Wednesday after falling around 1.5% on Tuesday.
What Happened: The surge today comes as the company released a clarification on media reports suggesting that the company’s JV with Russian SMH was breaking off.
The company said that “the news with respect to the breaking of JV between RVNL & TMH is factually incorrect. The MoU between the parties is still valid as none of the parties has terminated the same.”
See Also: Google Explores Apple Formula For Making Pixel Phones In India
“The Bank Guarantee will be deposited well within the permissible time limits as per the tender
condition,” the company added. However, the company did acknowledge that deliberations on the terms of the MoU were going on.
The stock also received a boost as the railway company announced bagging a massive contract from Chennai Metro Rail Limited. The over ₹4,000 crore contract is for the construction of underground metro stations in Chennai. The company will construct the 12 underground stations over the next five years under the Phase-II project, as per a regulatory filing.
Price Action: RVNL share price was up 2.12% to trade at ₹125.30 shortly after the markets opened on Wednesday.
Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.