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Rail Vikas inks MoU with Turkish Engineering firm for infra projects in India

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Rail Vikas Nigam Ltd (RVNL) has signed a memorandum of understanding (MoU) with Turkish Engineering Consulting and Contracting-TUMAS India Pvt Ltd, according to an exchange filing. The contract is for partnership and collaboration in public transportation projects and infrastructure projects in India.

The state-owned rail firm had emerged as the lowest (L1) bidder for three orders in late March. Before that in mid-March, it received a Letter of Award (LoA) for a project worth ₹106.37 crore in Madhya Pradesh.

RVNL’s net profit declined 6.2% year-on-year (YoY) to ₹358.6 crore in the October-December quarter (Q3FY24). In the corresponding quarter last year, Rail Vikas Nigam posted a net profit of ₹382.4 crore. RVNL’s revenue from operations dipped 6.4% to ₹4,689.3 crore as against ₹275.6 crore in the corresponding period of the preceding fiscal.

RVNL shares settled a percent higher at ₹260.55 on the NSE. So far this year, the rail PSU stock price has surged 43%, while the one-year return on the stock is 250%.

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