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.

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