Rail Vikas Nigam Ltd. share price snapped a four-day losing streak as it formed a joint venture with Texmaco Rail and Engineering Ltd. to modernise rail infrastructure manufacturing and boost exports. In a joint venture, Rail Vikas Nigam has a 51% share and Texmaco Rail and Engineering has a 49% share.
The main businesses of the joint venture are rolling stock, executing engineering procurement and construction projects, fetching as many projects as possible by participating in bidding and tenders processes.
Under the rolling stock category, the joint venture will manufacture supply, and maintenance of freight wagons, passenger coaches, locomotives, trainsets, metro coaches, specialized equipment, and associated components, Rail Vikas Nigam said in the exchange filing.
Rail Vikas Nigam and Texmaco Rail And Engineering in an joint effort will set up, operate, and maintain railway workshops, depots, and sheds. Although the primary place of operation will be in India but there will be primary flexibility to expand into other geographies as mutually agreed, depending on business opportunities, the exchange filing said.
Rail Vikas Nigam share price rose 1.54% to Rs 317.50 apiece. It was trading 1.14% higher at Rs 316.25 apiece as of 9:52 a.m. compared to 0.50% decline in the NSE Nifty 50 index.
The stock slumped 45.30% in 12 months, and 25.07% on year-to-date basis. Total traded volume so far in the day stood at 1.6 times its 30-day average. The relative strength index was at 28.74, which implied the stock is slightly oversold.
Out of two analysts tracking the company, one recommends a 'hold' and one suggests to'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 13.7%.
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Texmaco Rail And Engineering share price fell 1.56% to Rs 140.25 apiece. It was trading 0.14% down at Rs 138.17 apiece as of 9:56 a.m., compared to 0.50% decline in the NSE Nifty 50 index. The stock price slumped 45.08% in 12 months, and 28.69% on year-to-date basis.
The relative strength index was at 38. Three analysts tracking the company maintain a 'buy' rating, according to Bloomberg data. The average 12-month consensus price target implies an upside of 61.7%.
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