Rail Vikas Nigam inks pact with Mahanadi Coalfields; stock climbs ~5%

19 Apr 2022 , 09:35 AM

Rail Vikas Nigam’s counter gained nearly 5% in today’s early morning trade as the company has informed investors of signing a Memorandum of Understanding (MoU) with Mahanadi Coalfields Limited.

The company has further stated that Mahanadi Coalfields is a subsidiary of Coal India Limited (a Govt. of India undertaking under the Ministry of Coal & Mines).

The said MoU is for entrusting Project Management Consultancy for Rail Infrastructure works of MCL to RVNL from concept to commissioning.
Post this development, RVNL’s stock was trading at Rs35.90, up by 4.51% against its previous close of Rs34.35 on NSE. It touched intraday high and low of Rs36.15 and Rs35.20 so far in the day.