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
Infrastructure Urban

Our growth today is mainly driven by onsite users

Sashi Kiran, Founder, FALCONBRICK Technologies tells CW about company plans.What inspired you to launch FALCONBRICK Technologies and what specific inefficiencies in the construction industry were you looking to address?The idea emerged when we wondered why the $ 600 billion Indian construction industry is plagued with project delays and cost overruns. Digging deeper, we found that projects were being managed in very outdated ways, leading to huge chaos during execution. We believed technology had a clear answer and with our collective experience in construction and technology, we set out to bu..

Next Story
Infrastructure Urban

PM Internship Scheme Opens Round 2 Applications

The Prime Minister Internship Scheme (PMIS) has launched Round 2 of its pilot phase, offering over one lakh internships across 730 districts. After receiving more than six lakh applications in Round 1, this phase provides fresh opportunities in key sectors such as oil and gas, banking, FMCG, automotive, and manufacturing.More than 300 top companies are participating, allowing candidates to gain real-world experience, build networks, and enhance employability. Applicants can select internships based on location, sector, and preferences, with the option to apply for up to three roles. The scheme..

Next Story
Real Estate

From Earth’s Depths to Your Space: The Sedimento Experience

What if you could witness Earth’s story etched in every layer—a tale of transformation through time, well the SEDIMENTO collection by SOMANY Ceramics is a poetic tribute to this elemental narrative. Inspired by sedimentary bedrock, it evokes nature’s ever-changing forces, sculpted by wind, water, and time. Each glance and touch immerses you in the serene beauty of natural sedimentation.This is not just another tile collection. SEDIMENTO seamlessly blends durability with subtle textual elegance, making it ideal for demanding and long-lasting use. Its tactile textures embody quiet resilien..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?