Rail Vikas Nigam rose 1.05% to Rs 33.60 after the company announced that it has entered into a Memorandum of Understanding with Jaykaycem (Central) for the construction of new railway line in Madhya Pradesh.
The EPC company said it entered into a Memorandum of Understanding with Jaykaycem (central), a wholly owned subsidiary of J. K. Cement, for development of new railway line between Devendra Nagar and Puraina in West Central Railway in Madhya Pradesh through SPV mode. The length of the railway line is approximately 50 kilometers.In a separate announcement, Rail Vikas Nigam also said that it has finalized a Memorandum of Understanding with Bharat Electronics for leveraging strength and capabilities through collaboration.
Rail Vikas Nigam (RVNL) is an organization associated with Indian Railways involved in building rail infrastructure required by the railways. As of 31 December 2021, the Government held 78.2% stake in the company.
The company's consolidated net profit rose 4.3% to Rs 293.01 crore on a 35.3% jump in net sales to Rs 5,049.24 crore in Q3 FY22 over Q3 FY21.
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