Business News: RVNL and Airport Authority of India to Jointly Work on a Rs 229 Cr Project

Business News: PSU company Rail Vikas Nigam Limited (RVNL) recently saw a surge in its shares after signing a Memorandum of Understanding (MoU) with the Airports Authority of India (AAI) to connect their residential colony in Kolkata with a subway and underpass project valued at Rs 229.4 Cr. After this, the shares of RVNL saw a significant surge during the trading session. 

RVNL Shares Fluctuations

RVNL’s shares saw an increase of 45% in March alone, with a 58% rise in the past 6 months. However, the share reached its highest level in 52 weeks on January 23, 2024, touching Rs 3,456. Regarding the company’s profits, in Q3 FY22, RVNL’s net profit decreased from Rs 32.4 Cr to Rs 6.2 Cr compared to the previous year, reaching Rs 38.6 Cr. The company has already secured approximately four significant orders in March alone, with a total value of around Rs 92 Cr, indicating a strong order book for RVNL.