RITES shares in focus after securing Rs 4.54 Bn turnkey contract

25 Oct 2024 CW Team

Shares of RITES have garnered attention following the company’s announcement that its previously awarded project management consultancy (PMC) contract from the Karnataka Mining Environment Restoration Corporation (KMERC) has now been converted to a turnkey contract. The company informed the exchange that the order, initially granted on a PMC basis for the construction of two railway private freight terminals (PFTs) at Dharmapura and Susheel Nagar in Ballari District under the Comprehensive Environment Plan for Mining Impact Zone (CEPMIZ), has been converted to a turnkey arrangement. The project, valued at Rs 4.53 billion (excluding GST) and inclusive of the PMC fee, is set to be completed within 30 months from either the agreement’s signing date or the construction site’s handover.

In addition, RITES announced earlier in October that it had formed a strategic partnership with Etihad Rail to explore railway infrastructure development in the UAE. The company reported in an exchange filing that it had signed a Memorandum of Understanding (MoU) with Etihad Rail, the developer and operator of the UAE National Rail Network, to collaborate on rail development and infrastructure services in the UAE and broader region. This partnership includes a capacity analysis of UAE rail corridors to enhance efficiency, streamline logistics, and improve trade routes. Both companies intend to focus on innovation and advanced IT solutions for train operations, passenger management, and maintenance.

On Tuesday, RITES shares closed at Rs 289.9 on the NSE, down 3.37%. However, the company’s shares have increased by 15% in 2024 and surged by 59% over the past two years, bringing its market capitalisation to Rs 139.35 billion.

Infrastructure Transport

16 Sep 2025

Metro Line 2B Phase 1 to Boost Realty in Mumbai’s Eastern Suburbs

Mumbai’s real estate sector is set for a major boost as Phase 1 of Metro Line 2B, between Mandale and Diamond Garden, nears completion. The Mumbai Metropolitan Region Development Authority (MMRDA) has confirmed that mandatory rectifications are done, and inspections by the Commissioner of Metro Railway Safety (CMRS) have been carried out. The 5.39-km stretch with five stations forms part of the larger DN Nagar–Mandale corridor, designed to ease congestion and improve east–west connectivity. Passenger operations are expected by December 2025, with the full line slated for 2027. ..

WattPower wins Best Inverter award at Global Solar Expo 2025

WattPower, a leading renewable energy solutions provider, has won the award for “Best Inverter in the Utility Segment” at the Global Solar Expo 2025. The recognition underscores the company’s commitment to delivering reliable, high-performance and future-ready solar solutions for large-scale projects. At the forefront of utility-scale solar, WattPower manufactures advanced string inverters that directly feed power into the Indian grid. With robust technology, high-quality components and comprehensive product lifecycle support, its solutions stand among the most sophisticated in the ..

Awfis delivers 67,000 sq. ft. innovation hub for eBay in Bengaluru

Awfis Space Solutions, India’s largest flexible workspace provider and the first publicly listed workspace solutions platform, has partnered with eBay to establish a 67,000 sq. ft. innovation hub at Embassy Tech Village, Bengaluru. The mandate covers design, build and management of the new office, which will act as a strategic hub supporting diverse functions and accelerating eBay’s AI-first commerce strategy. The centre will focus on artificial intelligence, engineering, product development and applied research, strengthening eBay’s growth in India. Embassy Tech Village, North Beng..