Shares of rail Vikas Nigam Ltd (RVNL) were trading 3% higher on 3 January after the company’s JV (joint venture) secured a Rs 123.36 crore Varkala Sivagiri project.

The KRDCL-RVNL JV has secured the approval for a significant upgrade of Varkala Sivagiri railway station for a total consideration of Rs 123.36 crore. In this JV, KRDCL has a major share of 51% while the company holds 49% stake.

On 2 January, the company also signed a contract with REC, in which the company will propose financially viable projects with assured or projected revenue/returns, whereas REC will explore financing options directly for these projects, following pre-stipulated conditions and returns.

This partnership with REC aims to boost railway infrastructure and financial efficiency, which signifies the development of the railway sector through strategic cooperation between the company and REC.

In six months, the shares of the company have given a return of over 48% against the benchmark Nifty50 index, which has given a return of 12.13% in the same period.

At 1:13 pm, the shares of Rail Vikas Nigam were trading 3.65% higher at Rs 187.40 on NSE.