Railway PSU shares rally up to 11% on report of mega RVNL-IRCON merger

Railway PSU shares rally up to 11% on report of mega RVNL-IRCON merger Railway PSU shares rose up to 11 percent on Friday after a report said that the Ministry of Railways has moved a formal proposal to merge IRCON International Limited with Rail Vikas Nigam Limited (RVNL). Citing sources, PSU Connect reported that the Ministry of Railways has made a formal proposal to merge IRCON International with RVNL. -

However, IRCON has clarified in an exchange filing that "the company is not engaged in any such discussions or negotiations." IRCON shares were trading more than 11 percent higher at Rs 148.75 per share on the NSE at around 1:30 pm, while those of RVNL climbed 3.17 percent to Rs 288.10 per share. All this is for information. This is not a buy/sell recommendation. Thank you, Technofunda24