RITES gains on inking MoU with IIT-Madras
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Rites is currently trading at Rs. 706.75, up by 6.55 points or 0.94% from its previous closing of Rs. 700.20 on the BSE.
The scrip opened at Rs. 709.95 and has touched a high and low of Rs. 711.20 and Rs. 704.00 respectively. So far 5482 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 826.15 on 27-Feb-2024 and a 52 week low of Rs. 340.10 on 17-Apr-2023.
Last one week high and low of the scrip stood at Rs. 724.00 and Rs. 668.20 respectively. The current market cap of the company is Rs. 16825.94 crore.
The promoters holding in the company stood at 72.20%, while Institutions and Non-Institutions held 15.49% and 12.31% respectively.
RITES has signed an Memorandum of Understanding (MoU) with Indian Institute of Technology, Madras (IIT-Madras) to collaborate for green energy projects in the field of transport and mobility. The partnership aims at finding novel infrastructure solutions for the transportation and storage of green hydrogen and green ammonia.
As part of this collaboration, the company will be working closely with The Energy Consortium, an IIT-M initiative working for the objective of decarbonization. Both the entities will look at the avenues of Comprehensive Green Mobility plans for cities/states, giving net zero advisory to PSUs/companies and applications of green technologies in infrastructure works.
This significant venture brings together RITES' technical prowess and IIT Madras’ academic excellence. At present, under its dedicated vertical RITES Urban Engineering & Sustainability, the company offers smart and sustainable solutions across three key areas of operation: Urban Passenger & Transport Infrastructure, Urban Freight Transport Infrastructure, and Sustainable Environment.is a multi-disciplinary consultancy organization in the fields of transport, infrastructure, and related technologies. It provides a comprehensive array of services under a single roof and believes n transfer of technology to client organizations.
