Why RVNL Shares Are Rebounding Strongly On Wednesday Morning

RVNL‘s share price made a strong comeback on Wednesday after it tanked over 3% on Tuesday.

What Happened: The railway company announced on Tuesday that it has signed a memorandum of understanding with Tatweer Middle East and Africa for the execution of rail-based projects in the Middle East, North Africa and in European countries.

RVNL will collaborate on the supply, design, implementation and commissioning of smart city projects, digital transformation initiatives and professional engineering services.

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The rail infra firm also said in another exchange filing, that it has been declared the lowest bidder for an order from South Eastern Railway.

The order involves the design, supply, erection, testing and commissioning of a 132-kilovolt traction substation, sectioning posts (SPs) and sub-sectioning posts (SSPs) in a 2×25 kilovolt system on the Kharagpur – Bhadrak section of the Kharagpur division of South Eastern Railway.

The order is valued at around ₹202.87 crore and is expected to be completed within 18 months.

RVNL has also received a letter of acceptance for a project worth ₹187 crore from Maharashtra Metro Rail Corp. for the construction of six elevated metro stations in Nagpur.

Price Action: RVNL’s share price was up 7.46% to trade at ₹583.25 as the markets opened on Wednesday.

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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.

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