Why This Railway Stock Is Jumping 4% Today

Loading...
Loading...
Loading...

RVNL’s share price jumped back in the green early on Friday to end a four-straight session losing streak. The stock went up over 4% to hit an intraday high of ₹165.80.

What Happened: The company announced the formation of a joint venture with Tracks & Towers Infratech Private Ltd. (TTIPL) for the construction of a part of the six-lane Greenfield Varanasi Ranchi-Kolkata Highway. The construction is under the Bharatmala Pariyojana in the State of Jharkhand.

See Also: These Mutual Funds Bought Over 2 Lakh Shares Of IRFC Last Month

The JV is called Chatra Expressways Private Limited. RVNL has a 49% share in the company while TTIPL’s share is 51%. The companies had signed an MoU with the National Highways Authority of India back in March.

The total cost of the project is ₹1,271.98 crore. Just last week, the company announced winning a contract from Vadodara Division of Western Railway. The order is worth around ₹245 crore. The project would also be completed under a JV between MPCC and RVNL. RVNL has a 76% share while MPCC’s share is 24%.

Price Action: RVNL’s share price was up 2.90% to trade at ₹163.40 at open on Friday.

Take Stock Of The Week Ahead

Get all the latest Share Market trends and news to set you up for the week ahead.

Congratulations!
You have successfully subscribed.

Read Next: Tata Power Makes Renewable Energy Foray Into Nepal, Investors Unimpressed

Loading...
Loading...
Loading...
Posted In: NewsContractsMoversTrading IdeasRail Vikas Nigam