RITES surges on signing MoU with DVC for rail infra works
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Rites is currently trading at Rs. 684.05, up by 9.80 points or 1.45% from its previous closing of Rs. 674.25 on the BSE.
The scrip opened at Rs. 679.55 and has touched a high and low of Rs. 691.20 and Rs. 676.00 respectively. So far 24157 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 04-Jul-2023.
Last one week high and low of the scrip stood at Rs. 691.20 and Rs. 635.00 respectively. The current market cap of the company is Rs. 16202.35 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 Damodar Valley Corporation (DVC), a statutory body under the Ministry of Power, to collaborate for Project Management Consultancy for rail infra works. The partnership aims at finding novel infrastructure solutions for upgradation, renovation and development of rail connectivity for power plants and surrounding areas. As part of this collaboration, RITES will be working closely with DVC for development of rail infrastructure facilities and associated civil, structural, S&T, OHE works.
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.
