RVNL has entered into a Memorandum of Understanding (MoU) with Israel’s United Construction Limited. The collaboration aims to undertake projects in various sectors in Israel.
What Happened: RVNL announced the partnership on Friday, stating that the sectors of collaboration would include railways, mass rapid transit systems (MRTS), tunnels, roads (highways and expressways), bridges, building works, airports, ports, irrigation, power transmission and distribution, solar and wind sectors.
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Earlier today, RVNL’s subsidiary, Krishnapatnam Railway Company Limited (KRCL), won an arbitration award amounting to ₹584.22 crores against the Ministry of Railways. The news helped the stock bounce back in the green on Friday.
On Thursday, the company’s disclosure showed that India's biggest insurer, LIC, raised its stake in RVNL during the June quarter of 2024. Foreign portfolio investors also increased their stake in the company during the same period.
Despite a dip in railway stocks in July 2024, RVNL has had a stellar year in the bourses, with its shares soaring by 390%.
Price Action: RVNL's share price was up 2.93% to trade at ₹603.50 on Friday afternoon.
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