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.
Redefine the future of urban mobility! Join us at the Metro Rail Conference 2025 to explore groundbreaking ideas and insights. 👉 Register today!

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 Energy

Orb Energy Achieves Rs 3 Bn Milestone in Solar Financing Success

Orb Energy, a vertically integrated solar energy solutions provider, has achieved a significant milestone by surpassing Rs 3 billion in financing disbursements through its in-house finance facility that requires no collateral or down payment. This accomplishment underscores its dedication to supporting small and medium enterprises (SMEs) and micro, small, and medium enterprises (MSMEs) in India in transitioning to cost-effective solar energy solutions. The company has installed approximately 350 MW of solar photovoltaic systems nationwide, with a strong foothold in southern and western India...

Next Story
Infrastructure Energy

90% Defaulters Yet to Settle Rs 3.17 Bn Power Dues in Noida

Out of a total of 1.31 lakh defaulters in Noida, only 13,500 consumers availed of the one-time settlement (OTS) scheme during its first phase. The Uttar Pradesh Power Corporation (UPPCL) launched the scheme in three phases, from December 15, 2024, to January 31, 2025. These consumers cleared dues amounting to Rs 300.40 million out of a total Rs 3.47 billion owed. Officials emphasized that stricter enforcement of the scheme would be implemented in the coming phases. During a recent weekend meeting with the technical team of the power department, the Noida zone's chief engineer instructed that..

Next Story
Infrastructure Energy

NER Invites Bids for 10 MW Rooftop Solar Projects in Uttar Pradesh

The Varanasi division (electrical) of Northeastern Railway has recently issued four tenders for a total of 10.4 MW on-grid rooftop solar systems to be installed at various buildings in Gorakhpur, Uttar Pradesh. The tenders include different project capacities, with submission deadlines set between January 31 and February 3, 2025. Bidders are required to submit earnest money deposits (EMDs) ranging from Rs 0.89 million to Rs 1.2 million depending on the tender, with the expected project costs varying between Rs 148 million and Rs 174.08 million. The selected contractors will be tasked with sup..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000