+
RITES shares in focus after securing Rs 4.54 Bn turnkey contract
ECONOMY & POLICY

RITES shares in focus after securing Rs 4.54 Bn turnkey contract

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.

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.

Next Story
Real Estate

Shriram Properties Launches ‘Codename: The One’ in Bengaluru

Shriram Properties (SPL), a leading real estate developer focused on the mid-market and mid-premium segments, has announced the launch of its latest residential project under the banner “Codename: The One” in Bengaluru’s Electronic City corridor. This feature-rich gated community will offer 340 spacious 2- and 3-BHK residences, with a total saleable area of approximately 5 lakh square feet and an estimated revenue potential of over Rs 3.5 billion. The project is expected to be developed over a span of more than three years.  Strategically located near the Bommasandra Metro stat..

Next Story
Resources

India Warehousing Show 2025 Closes with Strong Global Presence

The 14th edition of the India Warehousing Show (IWS) 2025 concluded successfully at Yashobhoomi (IICC), Dwarka, drawing participation from over 300 exhibitors across 15 countries and welcoming 15,000+ visitors. Recognised as India’s leading platform for warehousing and logistics excellence, IWS 2025 offered a comprehensive display of cutting-edge automation, sustainable warehousing solutions, and next-gen supply chain technologies. The show was inaugurated by Shri Pankaj Kumar, Joint Secretary – Logistics, DPIIT, Ministry of Commerce and Industry, Government of India. In his opening a..

Next Story
Equipment

MHIET Launches 450kW Gas Cogeneration System with H₂ Co-Firing

Mitsubishi Heavy Industries Engine & Turbocharger (MHIET), part of the Mitsubishi Heavy Industries Group, has launched a new 450kW gas cogeneration system, the SGP M450, jointly developed with Toho Gas Co.,. The system supports hydrogen co-firing at up to 15 vol per cent, with no loss in performance or reliability.  The system is currently available in the Japanese market, and has been developed from the existing GS6R2 city gas engine platform. Key modifications were made to the fuel gas and engine control systems to enable hydrogen co-firing.   Verified through de..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?