RVNL shares in focus after establishing new subsidiary in Saudi Arabia
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Rail Vikas Nigam Limited (RVNL) shares will be in focus on Tuesday after the company announced the establishment of a wholly-owned subsidiary in Saudi Arabia, expanding its presence in the Middle East. "Rail Vikas Nigam Limited (RVNL) has incorporated a wholly owned subsidiary company “COMPANY RAIL VIKAS NIGAM LTD. (ONE PARTNER)” in Saudi Arabia on October 18, 2024. The certificate of registration of the company was received on October 21, 2024," the company said in an exchange filing. This move aligns with RVNL's global expansion strategy, following the creation of subsidiaries in Dubai in June 2024 and Uzbekistan in August 2024. Meanwhile, RVNL has been securing several major contracts in recent weeks. The company recently emerged as the lowest bidder for a metro construction project from the Maharashtra Metro Rail Corporation Limited, winning a Rs 270 crore work order. On Monday, RVNL's shares closed at Rs 465.6, down...