RVNL shares tumble 4% after announcing incorporation of wholly owned subsidiary in Saudi Arabia

2 min read | Updated on October 22, 2024, 11:28 IST

SUMMARY

Shares of Rail Vikas Nigam Ltd (RVNL) hit an intraday low of 4.62% at ₹444.10 on the NSE on Tuesday, October 22, after the company announced that it had incorporated a wholly-owned subsidiary in Saudi Arabia.

Stock list

RVNL

RVNL said in a regulatory filing on Monday, October 21, that it had incorporated a wholly-owned subsidiary

Rail Vikas Nigam Ltd (RVNL) shares hit an intraday low of ₹444.10, a decrease of 4.62% on the NSE after the company announced that it had incorporated a wholly owned subsidiary company ‘Company Rail Vikas Nigam Ltd. (One Partner)’ in Saudi Arabia.

As of 10:51 am on Tuesday, the stock was trading at ₹447.55 apiece, down 3.89% on the NSE.

On the BSE, the scrip was trading at ₹447.30 as of 10:51 am, down by 3.94%.

After the announcement, the company's shares tumbled by 2.42% on Monday to close at ₹465.65 on both the NSE and the BSE.

The company said in a regulatory filing on Monday, October 21, that it had incorporated a wholly-owned subsidiary.

The railway company further stated that it received the Certificate of Registration on October 21.

“It is hereby informed that Rail Vikas Nigam Limited (RVNL) has incorporated a Wholly Owned Subsidiary Company “COMPANY RAIL VIKAS NIGAM LTD. (ONE PARTNER)” in Saudi Arabia on 18.10.2024. The Certificate of Registration of the Company received on 21.10.2024,” RVNL said in the filing dated October 21.

The company witnessed its 52-week high of ₹647 on July 15, 2024 and a 52-week low of ₹142.15 on October 26, 2023.

RVNL has a total market capitalisation of ₹94,597.36 crore as of Tuesday, October 22.

Also read: Hyundai Motor India makes a flat debut; what is the road ahead from here?

RVNL was incorporated by the Government of India in 2003. The company implements various types of rail infrastructure projects assigned by the Ministry of Railways (MoR), including doubling, gauge conversion, new lines, railway electrification, etc., with Railways according to the concession agreement entered into with the MoR.

About The Author

Abha Raverkar is a post-graduate in economics from Christ University, Bengaluru. She has a strong interest in the markets and loves to unravel the nitty-gritties of the latest happenings in the world of markets, business, and economy.

Upstox Securities Pvt. Ltd.: SEBI Registration No. INZ000315837 | NSE TM Code: 13942 | BSE TM Code: 6155 | CDSL Reg No.: IN-DP-761-2024 | CIN: U65100DL2021PTC376860 | Compliance Officer: Mr. Kapil Jaikalyani. Tel No.: (022) 24229920. Email ID: compliance@upstox.com | Registered Address: 809, New Delhi House, Barakhamba Road, Connaught Place, New Delhi - 110001 | RKSV Commodities India Pvt. Ltd.: SEBI Registration No.: INZ000015837 | MCX TM Code: 46510 | CIN: U74900DL2009PTC189166 | Compliance Officer: Mr. Amit Lalan. Tel No.: (022) 24229920. Email ID: compliance@rksv.in | Registered Address: 807, New Delhi House, Barakhamba Road, Connaught Place, New Delhi - 110001. Correspondence Address: 30th Floor, Sunshine Tower, Senapati Bapat Marg, Dadar (West), Mumbai - 400013. | For any complaints, email at complaints@upstox.com and complaints.mcx@upstox.com.

Procedure to file a complaint on SEBI SCORES: Register on the SCORES portal. Mandatory details for filing complaints on SCORES include: Name, PAN, Address, Mobile Number, and E-mail ID. Benefits include effective communication and speedy redressal of grievances. Please ensure you carefully read the Risk Disclosure Document as prescribed by SEBI, along with our Terms of Use and Privacy Policy.

Upstox Securities Private Limited is a wholly owned subsidiary of RKSV Securities India Private Limited and RKSV Commodities India Private Limited is an associate of RKSV Securities India Private Limited.

Disclaimer: Investment in securities market are subject to market risks, read all the related documents carefully before investing.
*Brokerage will not exceed the SEBI prescribed limit.

Risk disclosures on derivatives -

9 out of 10 individual traders in equity Futures and Options Segment, incurred net losses.
On an average, loss makers registered net trading loss close to ₹ 50,000
Over and above the net trading losses incurred, loss makers expended an additional 28% of net trading losses as transaction costs.
Those making net trading profits, incurred between 15% to 50% of such profits as transaction cost.

Mutual Funds: Top rated funds do not constitute any advice. Research data is powered by Morningstar. Please read the offer documents carefully before investing. Upstox shall not accept any liability arising out of your investments.
These are not Exchange traded products, and the Member is just acting as distributor. All disputes with respect to the distribution activity, would not have access to Exchange investor redressal forum or Arbitration mechanism.

Attention Investors: As per NSE circular dated July 6, 2022, BSE circular dated July 6, 2022, MCX circular dated July 11, 2022 investors are cautioned to abstain them from dealing in any schemes of unauthorised collective investments/portfolio management, indicative/ guaranteed/fixed returns / payments etc. Investors are further cautioned to avoid practices like:
a) Sharing i) trading credentials – login id & passwords including OTP’s., ii) trading strategies, iii) position details.
b) Trading in leveraged products /derivatives like Options without proper understanding, which could lead to losses.
c) Writing/ selling options or trading in option strategies based on tips, without basic knowledge & understanding of the product and its risks
d) Dealing in unsolicited tips through like Whatsapp, Telegram, Instagram, YouTube, Facebook, SMS, calls, etc.
e) Trading / Trading in “Options” based on recommendations from unauthorised / unregistered investment advisors and influencers.

Kindly, read the Advisory Guidelines For Investors as prescribed by the Exchange with reference to their circular dated 27th August, 2021 regarding investor awareness and safeguarding client’s assets : Advisory Guidelines For Investors

Kindly, read the advisory as prescribed by the Exchange with reference to their circular dated January 14, 2022 regarding Updation of mandatory KYC fields by March 31, 2022: KYC Updation

Attention Investors: Prevent unauthorised transactions in your Demat account by updating your mobile number with your depository participant. Receive alerts on your registered mobile number for debit and other important transactions in your Demat account directly from CDSL on the same day. Prevent unauthorised transactions in your Trading account by updating your mobile numbers/email addresses with your stock brokers. Receive information on your transactions directly from the Exchange on your mobile/email at the end of the day. Issued in the interest of investors. KYC is a one-time exercise while dealing in securities markets - once KYC is done through a SEBI-registered intermediary (broker, DP, Mutual Fund, etc.), you need not undergo the same process again when you approach another intermediary. As a business, we don’t give stock tips and have not authorised anyone to trade on behalf of others. If you find anyone claiming to be part of Upstox or RKSV and offering such services, please send us an email at complaints@upstox.com and complaints.mcx@upstox.com.

No need to issue cheques by investors while subscribing to IPO. Just write the bank account number and sign in the application form to authorise your bank to make payment in case of allotment. No worries for refund as the money remains in investor’s account. Stockbrokers can accept securities as margin from their clients only by way of a pledge in the depository system w.e.f. 1st September 2020.
Update your email ID and mobile number with your stockbroker/depository participant and receive an OTP directly from the depository on your registered email ID and/or mobile number to create a pledge.
Check your securities/mutual funds/bonds in the Consolidated Account Statement (CAS) issued by NSDL/CDSL every month.

Attention Investors: SEBI has established an Online Dispute Resolution Portal (ODR Portal) for resolving disputes in the Indian Securities Market. This circular streamlines the existing dispute resolution mechanism, offering online conciliation and arbitration, benefiting investors and listed companies. https://www.sebi.gov.in/legal/circulars/jul-2023/online-resolution-of-disputes-in-the-indian-securities-market_74794.html ODR portal for Investors - https://smartodr.in/login

RVNL shares tumble 4% after announcing incorporation of wholly owned subsidiary in Saudi Arabia

NIFTY, SENSEX tumble over 0.5%; investors lose over ₹5 lakh crore: Factors behind today’s sell-off

PSU bank stocks tumble after Gautam Adani indicted in US on bribery and fraud charges

Mid-market session: Benchmark indices sink in deep red; Adani group stocks fall upto 20%

C2C Advanced Systems IPO: Check price band, lot size, objectives, allotment and listing date

Trade setup: NIFTY50 - Breakout or Breakdown?

Trade setup: NIFTY50 loses critical support!