RVNL shares in news on pact with DMIA for operations in ASEAN nations

Shares of state-run Rail Vikas Nigam Ltd (RVNL) are in news today after the firm said it inked a MoU with Dhaya Maju Infrastructure (Asia) Sdn Berhad (DMIA). RVNL and DMIA are likely to collaborate to participate in railway infrastructure and services projects in the All South East Asian Nations (ASEAN) markets as well as other markets.

RVNL shares ended on a flat note at Rs 563.75 on BSE in the previous session. Total 5.89 lakh shares of RVNL changed hands amounting to a turnover of Rs 33.17 crore.

Market cap of RVNL stood at Rs 1.17 lakh crore on BSE. RVNL shares have a one-year beta of 1.3, indicating high volatility during the period.         

In terms of technicals, the relative strength index (RSI) of RVNL stands at 52.1, signaling it's trading neither in the overbought nor in the oversold zone. Rail Vikas Nigam shares stand higher than the 10 day, 50 day, 100 day, 150 day, 200 day but lower than the 5 day, 20 day and 30 day moving averages.      

“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 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,” said RVNL in a communication to bourses.

RVNL is an executing arm of Indian Railways and works for and on behalf of the ministry for projects assigned to it for execution. It works on a turnkey basis and undertakes the full cycle of project development from conceptualisation to commissioning including stages of design, preparation of estimates, calling and award of contracts, project and contract management.