RITES inches up on entering into MoA with NMDC for rail connectivity works
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Rites is currently trading at Rs. 293.40, up by 0.35 points or 0.12% from its previous closing of Rs. 293.05 on the BSE.
The scrip opened at Rs. 293.05 and has touched a high and low of Rs. 295.80 and Rs. 290.85 respectively. So far 24768 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 413.08 on 27-Feb-2024 and a 52 week low of Rs. 216.33 on 26-Oct-2023.
Last one week high and low of the scrip stood at Rs. 312.05 and Rs. 279.30 respectively. The current market cap of the company is Rs. 14084.09 crore.
The promoters holding in the company stood at 72.20%, while Institutions and Non-Institutions held 12.83% and 14.97% respectively.
RITES has entered into a Memorandum of Agreement (MoA) with NMDC to provide comprehensive Project Management Consultancy services. This MoA marks a strategic collaboration aimed at developing, upgrading, and creating rail connectivity for NMDC’s mines and related facilities across locations.
Through this partnership, RITES will offer end-to-end Consultancy services from concept to commissioning, focusing on the reconnaissance survey, feasibility study, Detailed Project Report (DPR), and project management for rail connectivity projects. This includes allied civil works such as roads, bridges, and other infrastructure necessary for efficient transportation and logistics in NMDC’s operational areas.
The collaboration emphasizes RITES’ capabilities in handling complex railway infrastructure projects and NMDC’s commitment to enhancing operational efficiencies through modern rail connectivity. With expertise in railway engineering and project management, RITES will assist NMDC in executing these critical projects to streamline the transport of raw material and improve logistical capabilities.
RITES 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.
