Rail Vikas Nigam signs MoU with Tata Steel; stock gains over 2%

The MoU in connection with implementation of infrastructure projects either on nomination basis as a deposit work or through the special purpose vehicle (SPV) route subject to the bankability of the SPV project, execution of definitive agreement and management approval.

Oct 05, 2021 01:10 IST India Infoline News Service

Stock Market
Shares of Rail Vikas Nigam Ltd trading higher in an otherwise volatile market on Tuesday’s trade. The company had signed a Memorandum of Understanding (MoU) with Tata Steel in connection with the implementation of infrastructure projects either on a nomination basis as a deposit work or through the special purpose vehicle (SPV) route subject to the bankability of the SPV project, execution of definitive agreement and management approval.

In the regulatory filing on Monday, “Rail Vikas Nigam Limited (RVNL) has entered into an MoU on 04.10.2021 with Tata Steel Limited in connection with the implementation of infrastructure projects either on nomination basis as a deposit work or through the special purpose vehicle (SPV) route subject to the bankability of the SPV project, execution of definitive agreement and management approval.”

Rail Vikas Nigam Ltd is currently trading at Rs30.90 up by Rs0.7 or 2.32% from its previous closing of Rs30.20 on the BSE. The scrip opened at Rs31.20 and has touched a high and low of Rs31.65 and Rs30.85 respectively.

Tata Steel Ltd is currently trading at Rs1,321.25 down by Rs3.05 or 0.23% from its previous closing of Rs1,324.30 on the BSE.

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