RITES shares gain 6% on signing MoU with Delhi Metro
ECONOMY & POLICY

RITES shares gain 6% on signing MoU with Delhi Metro

Following the railway company's signing of a Memorandum of Understanding (MoU) with Delhi Metro Rail Corporation Ltd. (DMRC) for the operations and management projects of Metro Railway Systems, the share price of RITES increased by 6% to Rs 721 each on the BSE on Friday. As per the exchange filing of the railway company, RITES Ltd. and DMRC have inked a Memorandum of Understanding (MoU) to cooperate on all-encompassing operations and management projects of Metro Railway Systems, encompassing Rolling Stock, Depot Management, Station Management, and Railway infrastructure maintenance, both domestically and internationally. According to the filing, the purpose of the MoU is to expedite the process of collaboratively investigating, identifying, obtaining, and carrying out consulting assignments for the management and operations of Metro/LRT/Mass Rapid Transit Systems in India and elsewhere. "As a part of this collaboration, DMRC and RITES will work together in tandem, leveraging each other's strengths and enhancing business capabilities," RITES stated. RITES was up 4% at Rs 707.05 a share at 1:00 PM, while the benchmark BSE Sensex had gained 0.16%. On February 27 of this year, the stock reached a record high of Rs 826 a share. On July 2, 2018, it fell to an all-time low of Rs 152. The price of RITES shares has increased by 792.2% in the last year, compared to a roughly 25% increase in the benchmark indices. With a wide range of services and a significant geographic reach, RITES is a Navratna public sector enterprise (PSE) and one of the top companies in India's transport consulting and engineering industries. In the meantime, RITES and Eastern Railway's Andal Diesel Shed, Asansol Division, West Bengal, inked a Memorandum of Understanding (MoU) on June 11 to establish a framework for cooperation on major schedule repair and maintenance of diesel-electric locomotives owned by RITES and other clients at the Andal Diesel Shed facility. The cooperation seeks to expedite the process of maintaining and repairing diesel locomotives. "As part of this collaboration, RITES will secure or identify business opportunities for higher-schedule repairs, while the Andal Diesel Shed will execute the maintenance work," stated RITES. Due to low revenues, RITES's consolidated net profit for the January?March quarter was Rs 13.66 billion, a 1.6% decrease from the previous year. From Rs 7.05 billion during the same time last year to Rs 6.67 billion this quarter, the company's overall income decreased. A final dividend of Rs 5 per equity share was suggested by the board.

Following the railway company's signing of a Memorandum of Understanding (MoU) with Delhi Metro Rail Corporation Ltd. (DMRC) for the operations and management projects of Metro Railway Systems, the share price of RITES increased by 6% to Rs 721 each on the BSE on Friday. As per the exchange filing of the railway company, RITES Ltd. and DMRC have inked a Memorandum of Understanding (MoU) to cooperate on all-encompassing operations and management projects of Metro Railway Systems, encompassing Rolling Stock, Depot Management, Station Management, and Railway infrastructure maintenance, both domestically and internationally. According to the filing, the purpose of the MoU is to expedite the process of collaboratively investigating, identifying, obtaining, and carrying out consulting assignments for the management and operations of Metro/LRT/Mass Rapid Transit Systems in India and elsewhere. As a part of this collaboration, DMRC and RITES will work together in tandem, leveraging each other's strengths and enhancing business capabilities, RITES stated. RITES was up 4% at Rs 707.05 a share at 1:00 PM, while the benchmark BSE Sensex had gained 0.16%. On February 27 of this year, the stock reached a record high of Rs 826 a share. On July 2, 2018, it fell to an all-time low of Rs 152. The price of RITES shares has increased by 792.2% in the last year, compared to a roughly 25% increase in the benchmark indices. With a wide range of services and a significant geographic reach, RITES is a Navratna public sector enterprise (PSE) and one of the top companies in India's transport consulting and engineering industries. In the meantime, RITES and Eastern Railway's Andal Diesel Shed, Asansol Division, West Bengal, inked a Memorandum of Understanding (MoU) on June 11 to establish a framework for cooperation on major schedule repair and maintenance of diesel-electric locomotives owned by RITES and other clients at the Andal Diesel Shed facility. The cooperation seeks to expedite the process of maintaining and repairing diesel locomotives. As part of this collaboration, RITES will secure or identify business opportunities for higher-schedule repairs, while the Andal Diesel Shed will execute the maintenance work, stated RITES. Due to low revenues, RITES's consolidated net profit for the January?March quarter was Rs 13.66 billion, a 1.6% decrease from the previous year. From Rs 7.05 billion during the same time last year to Rs 6.67 billion this quarter, the company's overall income decreased. A final dividend of Rs 5 per equity share was suggested by the board.

Next Story
Infrastructure Urban

Vedanta Metal Bazaar Achieves Sales Value of Rs 400 Bn

On National MSME Day, Vedanta, India’s leading critical minerals, transition metals, energy and technology conglomerate announced that its non-ferrous metals e-store has achieved a staggering Rs 400 billion in total sales value. Operated under the name of Vedanta Metal Bazaar, it is the world’s largest non-ferrous metals e-store offering more than 1200 stock keeping units (SKUs) across metals such as aluminium, zinc, lead and copper. The platform brings ease-of-doing business for customers on their fingertips by providing a streamlined, digital-first solution that enables businesses to pro..

Next Story
Infrastructure Urban

Syensqo Unveils Orange Grades for Key EV Components

Syensqo, a leader in advanced materials and specialty chemicals, proudly announces the launch of its latest innovation, Amodel® PPA HFFR-4133 Orange (OR).This high-performance flame retardant polypthalamide (PPA), distinguished by its stable and vibrant orange color, aligns with the industry's growing emphasis on safety and visibility for critical electric vehicle components, such as connectors and busbars.In the rapidly evolving e-mobility sector, the use of orange-colored connectors has become a crucial safety standard, offering immediate visual identification of live high-voltage component..

Next Story
Infrastructure Urban

Tata Steel Deploys EVs for Customer Deliveries at Sahibabad Plant

Tata Steel, a pioneer in sustainable industrial practices, has taken another significant step forward in its green mobility journey by deploying Tata Motors manufactured electric vehicles (EVs) for customer deliveries from its Sahibabad plant, located in Ghaziabad district of Uttar Pradesh. This marks the first-ever use of Tata Motors made EVs for outbound logistics from a Tata Steel plant location.This initiative is in partnership with M/s AVG Logistics, who will operate Tata Motors-manufactured electric vehicles for deliveries to key customers. This initiative not only reinforces Tata Steelâ..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?