Rail Vikas Nigam (RVNL) rose 2.65% to Rs 31 after the company entered into an MoU with Tata Steel on Monday, 4 October 2021.
In an exchange filing, the company said that the MoU pertained to the implementation of infrastructure projects either on nomination basis as a deposit work or through the special purpose vehicle (SPV) route.Rail Vikas Nigam is an organization associated with Indian Railways involved in building rail infrastructure required by the railways. As of 30 June 2021, the Government held 78.2% stake in the company.
On a consolidated basis, the company posted a 64% jump in net profit to Rs 232 crore on 32.9% rise in net sales to Rs 3,869 crore in Q1 FY22 over Q1 FY21.
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