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.
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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.
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