RVNL shares surge 7% after incorporating wholly-owned subsidiary in Andhra Pradesh

Rail Vikas Nigam Limited shares saw a surge. This followed the announcement of a new wholly owned subsidiary. The subsidiary is named Sabbavaram Sheelanagar Road Development Limited. It is based in Andhra Pradesh. RVNL also secured a contract from Central Railway. The contract is worth Rupees 159.79 crore. RVNL shares have shown positive growth over the past week and month.