RITES surges as its arm signs MoU with IRFC
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
Rites is currently trading at Rs. 299.00, up by 6.05 points or 2.07% from its previous closing of Rs. 292.95 on the BSE.
The scrip opened at Rs. 300.00 and has touched a high and low of Rs. 304.75 and Rs. 297.85 respectively. So far 292503 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. 252.65 on 18-Jan-2024.
Last one week high and low of the scrip stood at Rs. 304.75 and Rs. 265.70 respectively. The current market cap of the company is Rs. 14386.87 crore.
The promoters holding in the company stood at 72.20%, while Institutions and Non-Institutions held 12.83% and 14.97% respectively.
RITES’ subsidiary -- REMC has signed a Memorandum of Understanding (MoU) with Indian Railway Finance Corporation (IRFC), a financing arm of Indian Railways, to explore options for financing power projects for supply to the Railways.
Under this MoU, both parties will explore opportunities for collaboration across domains, including Transaction Advisory, Project Management services, DPR reviews, and consultancy or advisory services related to financing power projects with backward and forward linkages to the Railways, excluding those awarded by REMC.
The MoU also facilitates the financing of thermal, nuclear, and renewable power projects established under the captive model through joint ventures between Indian Railways and other entities. Leveraging each other’s expertise and manpower as needed, REMC and IRFC will capitalize on their complementary strengths to ensure smooth project execution.
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.
