RITES jumps on inking MoU with Andal Diesel Shed
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Rites is currently trading at Rs. 686.20, up by 11.45 points or 1.70% from its previous closing of Rs. 674.75 on the BSE.
The scrip opened at Rs. 683.90 and has touched a high and low of Rs. 697.00 and Rs. 677.70 respectively. So far 28769 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. 365.00 on 06-Jul-2023.
Last one week high and low of the scrip stood at Rs. 697.00 and Rs. 619.60 respectively. The current market cap of the company is Rs. 16496.72 crore.
The promoters holding in the company stood at 72.20%, while Institutions and Non-Institutions held 15.27% and 12.53% respectively.
RITES has signed a Memorandum of Understanding (MoU) with Eastern Railway’s Andal Diesel Shed, Asansol Division, West Bengal. This MoU sets up a framework for collaboration on major schedule repair and maintenance of Diesel-Electric Locomotives owned by RITES and other clients at the Andal Diesel Shed facility.
The partnership aims at streamlining the repair and maintenance process for diesel locomotives. As part of this collaboration, the company will secure or identify business opportunities for higher schedule repairs, while the Andal Diesel Shed will execute the maintenance work.
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.
