RVNL‘s share price was muted on Friday morning. The stock was headed towards halting its two-session gaining streak, dipping at open.
What Happened: The rail infrastructure major said on Thursday that it would incorporate RVNL Middle East Contracting LLC in Dubai.
The company received a letter of acceptance from North Central Railway on Thursday, it said in an exchange filing. The ₹72.73 crore project is expected to be completed within 455 days. The order involves automatic signalling work in the Dhaulpur-Gwalior Section of the Jhansi division of the North Central Railway.
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During the G20 Summit last year, major global players such as the United States, India, Saudi Arabia, the European Union and the United Arab Emirates, among others, revealed an ambitious plan to establish the India-Middle East-European corridor.
This project aims to create extensive connections involving data, railway networks, ports, energy infrastructure and hydrogen pipelines across the three regions.
Following this announcement, shares of several railway stocks, including RVNL, raked in massive gains.
Price Action: RVNL’s share price was down 0.19% to trade at ₹413.25 as the markets opened on Friday.
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