Shares of Rail Vikas Nigam Ltd. rose 1% to a day’s high of Rs 589.75 on 30th August after the company announced a MoU with Patel Engineering Ltd. to jointly pursue hydro and infrastructure projects domestically and internationally.

Patel Engineering stated in an exchange filing that the MoU creates a framework for collaboration, utilising the strengths and expertise of both companies in hydro and other infrastructure projects.

This agreement enables both parties to explore joint opportunities in various capacities.

This agreement also allows RVNL and Patel Engineering to collaborate on selected hydro and infrastructure projects as opportunities emerge.

It combines Patel Engineering’s extensive infrastructure experience with RVNL’s expertise in rail and transport infrastructure.

This MoU allows the parties to participate in tenders and project bids either together or separately. When bidding together, they will coordinate strategies and terms for a unified approach.

It also creates a collaborative framework to strengthen synergies in the hydro and infrastructure sectors, demonstrating a shared commitment to high standards and project excellence.

RVNL stock has gained over 217% year-to-date. At the same time, Patel Engineering stock has a negative year-to-date return of over 17%.

At 10:28 AM, RVNL shares were trading 1.48% higher at Rs 588.40, while Patel Engineering shares were up 5.50% at Rs 56.60 on NSE.

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