Shares of Rail Vikas Nigam Ltd. advanced after it got an agreement from the railways to manufacture and maintain Vande Bharate trainsets.
The company received a letter of agreement from the Ministry of Railways for the manufacturing and maintenance of Vande Bharat trainsets, including the upgrade of the government manufacturing units and trainset depots, the company said in an exchange filing. The total quantity is 200 trainsets, with a cost per set of Rs 120 crore. Rail Vikas Nigam's share will be 25%, with the rest being held by Joint Stock Company Metrowagonmash (70%) and Joint Stock Company Locomotive Electronic System (5%). The period of execution is 82 months, it said.
Shares of the company rose 2.09% to Rs 68.45 apiece as of 12.35 p.m. on Friday, compared to the 1.12% advance in the benchmark Nifty 50. The total traded volume stood at one time at its 30-day average. The relative strength index was 58.
The two analysts tracking the company maintain a 'buy' rating on the stock, according to Bloomberg.
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