Rail Vikas Nigam (RVNL) rose 1.48% to Rs 572.10 after the company said that it has signed a memorandum of understanding (MoU) with Dhaya Maju Infrastructure (Asia) Sdn Berhad (DMIA) to expand its operations into the ASEAN market.
The primary objective of this MOU is to outline the terms and conditions under which RVNL and DMIA may collaborate to work jointly to participate into the railway infrastructure and services projects in the Association of Southeast Asian Nations (ASEAN) market and other markets as agreed, with special focus on establishing a manufacturing base in Malaysia for railway coaches and other railway products for catering to the growing need of ASEAN countries, the company stated in the press release.
Rail Vikas Nigam is in the business of executing all types of railway projects including new lines, doubling, gauge conversion, railway electrification, metro projects, workshops, major bridges, construction of cable stayed bridges, institution buildings etc.
The companys consolidated net profit tumbled 34.7% to Rs 223.92 crore in Q1 FY25 from Rs 342.90 crore reported in Q1 FY24. Revenue from operations dropped 26.88% to Rs 4,073.80 crore in the June quarter as compared with Rs 5,571.57 crore posted in Q1 FY24.
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