RVNL share price hits new all-time high after inking deal with DMRC

Rail Vikas Nigam Limited (RVNL) shares increased by as much as 6.26% on Friday, reaching a new 52-week high of Rs 445 a share.

The share price increased after the company’s announcement that it had signed a memorandum of understanding (MoU) with Delhi Metro Rail Corporation Limited (DMRC).

“RVNL has signed MoU with Delhi Metro Rail Corporation Limited (DMRC) for participation in the upcoming projects in India and abroad as project service provider for metro/ railways/ high speed rail/ highways/ mega bridges/ tunnels/ institutional buildings/ workshops or depots/ S&T works/ Railway electrification,” the state-owned company stated in an exchange filing.

According to the order details, RVNL and DMRC will work together to provide services for metro systems, railroads, high-speed rail, highways, big bridges, tunnels, institutional buildings, workshops, or depots, as well as signaling and telecommunication projects and railway electrification, both in India and abroad.

At 10:02 am, RVNL shares were trading 7.75%  at 451.85.

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