RITES surges on entering into MoU with Tata Steel
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Rites is currently trading at Rs. 281.95, up by 4.20 points or 1.51% from its previous closing of Rs. 277.75 on the BSE.
The scrip opened at Rs. 282.30 and has touched a high and low of Rs. 286.80 and Rs. 280.95 respectively. So far 39670 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 318.00 on 25-Oct-2021 and a 52 week low of Rs. 232.40 on 19-Apr-2021.
Last one week high and low of the scrip stood at Rs. 286.80 and Rs. 255.50 respectively. The current market cap of the company is Rs. 6801.74 crore.
The promoters holding in the company stood at 72.20%, while Institutions and Non-Institutions held 18.00% and 9.80% respectively.
RITES has entered into a memorandum of understanding (MoU) with Tata Steel to synergise their expertise. RITES and Tata Steel would collaborate to offer services in the areas of railway rolling stock exports and enhance infrastructural capabilities for buildings, airports, urban engineering, and information technology. They would also explore capacity enhancement for urban mass rapid transport, including metro railway systems, for domestic and overseas markets.
As part of the MoU, RITES will provide expertise in design, marketing, operation & maintenance, and support required for tapping domestic as well as overseas markets, while Tata Steel’s New Materials Business (NMB) division will undertake the development and manufacturing of customised products as per the clients’ requirements in coordination with RITES.
RITES is a Miniratna (Category - I) Schedule ‘A’ Public Sector Enterprise and a leading player in the transport consultancy and engineering sector in India, having diversified services and geographical reach.
