RVNL Shares Rocket 6% To New Lifetime High After Partnering With DMRC

RVNL‘s share price rocketed over 6% on Friday morning to hit a new all-time high of ₹445.

What Happened: The company announced that it has signed a memorandum of understanding (MoU) with Delhi Metro Rail Corporation Limited (DMRC) to collaborate on future projects in India and overseas.

RVNL will work with DMRC on upcoming projects. RVNL will act as a project service provider for various infrastructure projects, including metro, railways, high-speed rail, highways, mega-bridges, tunnels, institutional buildings, workshops or depots, signalling and telecommunications (S&T) works, and railway electrification, both domestically and internationally.

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Earlier in the week, RVNL announced that it had been declared the lowest bidder for an order from Central Railways, securing a ₹132 crore contract for overhead equipment modification work in the Wardha-Ballarshah section of the Nagpur division of Central Railway.

Last month, the company announced bagging a ₹192 crore order from Southern Railways. In the last 30 days, the railway company has bagged orders worth over ₹500 crore.

The company also awarded a ₹750 crore order to an IRCON joint venture with Paras and PCM. IRCON announced on Thursday evening.

Price Action: RVNL’s share price was up 4.36% to trade at ₹437 as the markets opened on Friday.

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