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.

"Join industry leaders at RAHSTA Expo, India's premier platform for roads, highways and traffic infrastructure. Register now to explore innovations, network with experts and shape the future of mobility."

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
Real Estate

Manglam Group to Develop Sheraton Hotel in Jaipur

Manglam Group has signed an agreement with Marriott International to develop a Sheraton hotel on the Jaipur–Ajmer Highway in Jaipur. The project will feature 220 keys and is being developed with an investment of around Rs 3.5 billion across more than 300,000 sq ft.The hotel marks Manglam Group’s third collaboration with Marriott International and forms part of its Rs 10 billion hospitality investment roadmap. The agreement was signed by Amrita Gupta, Director, Manglam Group and CEO, Manglam Spa and Resorts, and Rajeev Menon, President, Asia Pacific excluding Greater China, Marriott Interna..

Next Story
Infrastructure Urban

India Warehousing Show 2026 opens at YashoBhoomi

India's warehousing, logistics, and supply chain ecosystem came together as the 15th edition of India Warehousing Show (IWS) 2026 opened at YashoBhoomi, India International Convention & Expo Centre (IICC), Dwarka, New Delhi on June 25 (Thursday). Organised by RX India, the three-day event will run from 25-27 June 2026, bringing together policymakers, industry leaders, technology providers, and supply chain professionals under one roof. It also features a two-day knowledge conference that will run alongside the exhibition. Inaugurated by Pankaj Kumar, Joint Secretary - Logistics, DPIIT..

Next Story
Real Estate

Platinum Corp Launches Bespoke Presidential Suites

Platinum Corp has launched Platinum Stellar: Bespoke Presidential Suites, a luxury residential project on Main Avenue in Santacruz, Mumbai. The project has been positioned as a boutique, design-led development for high-net-worth individuals, business owners and legacy residents from the Bandra-Khar-Santacruz belt.The project has been developed in collaboration with celebrity interior designer Sussanne Khan and follows a design-first approach inspired by Art Deco architecture. It incorporates refined detailing, spacious layouts, premium material palettes and arrival experiences planned to creat..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement