Rail Vikas Nigam Limited (RVNL) has announced the formation of a subsidiary in Uzbekistan.
What Happened: On Thursday, RVNL announced the incorporation of a new subsidiary company, “Rail Vikas Nigam LLC”, in Uzbekistan. This development comes as part of RVNL’s ongoing global expansion. In June, the company announced the incorporation of a subsidiary in Dubai, named “RVNL Middle East Contracting L.L.C”.
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This was followed by a Memorandum of Understanding (MoU) with Israel's United Construction Limited in July, aimed at undertaking projects in various sectors in Israel.
The railway company will be reporting its June quarter earnings later this month. In its preview note, Antique Broking expects RVNL’s revenue for the quarter to increase by approximately 8% year-on-year to ₹6,006 crore. The net profit is projected to be around ₹408 crore, representing an increase of about 19% compared to the previous year’s figures.
Price Action: RVNL’s share price was down 1.24% to trade at ₹594.05 on Thursday afternoon.
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