RVNL shares in news today as firm forms JV for green energy projects

Shares of state-run Rail Vikas Nigam Ltd (RVNL) are in focus today after the railway firm said it has formed a joint venture with Jakson Green Private Limited to explore opportunities in solar power projects in India and abroad. Additionally, RVNL said it has incorporated a subsidiary company RVNL Infra South Africa.

RVNL shares ended 1.31% higher at Rs 223.5 on Tuesday on BSE. Total 78.5 lakh shares of RVNL changed hands amounting to a turnover of Rs 177 crore. Market cap of RVNL rose to Rs 46,912 crore on BSE. RVNL shares have a one-year beta of 1.3, indicating high volatility during the period.

The stock hit a record high of Rs 231.80 in the previous session.

In terms of technicals, the relative strength index (RSI) of RVNL stands at 84.6, signaling it's trading in the overbought zone. Rail Vikas Nigam shares are trading higher than the 5 day, 10 day, 20 day, 30 day, 50 day, 100 day, 150 day and 200 day moving averages.

Jakson Green Private Limited will own a 51% stake in the joint venture and RVNL will own 49% stake, the government owned firm said.

The joint venture will focus toward green clean energy projects.

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.

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