Rail Vikas Nigam Ltd. shares rose 7% on Friday. The stock has also ended its four-day losing run.
The company informed the exchanges on Friday afternoon that the arbitration tribunal provided an award of ₹584.22 crore, ruling in favour of the Krishnapatnam Railway Company Ltd., a Special Purpose Vehicle initiated by the Rail Vikas Nigam.
This award was meant to resolve a dispute between the Krishnapatnam Railway Company and the Ministry of Railways. KRCL had 49.76% of the joint venture.
Soon after, the company made another announcement that it had signed a Memorandum of Understanding (MoU) with M/s United Construction Ltd., Israel, to collaborate on projects in the fields of irrigation, power transmission and distribution, solar and wind energy, roads (highways & expressways), tunnels, building works, airports and ports.
As of 2:04 pm, RVNL shares were trading 6.38% higher at ₹623.20.
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