RITES inks MoU with Etihad Rail, shares gain
RITES share price today: RITES stock has gained 28.55 per cent this year and risen 37.22 per cent in one year.
- Oct 9, 2024,
- Updated Oct 9, 2024 9:47 AM IST
Shares of RITES Ltd zoomed 8% today after the firm said it inked a signed a Memorandum of Understanding (MoU) with Etihad Rail, the developer and operator of the UAE National Rail Network. The MoU will help RITES explore cooperation and synergise strengths in developing railways and related infrastructure services in the UAE and wider region.
RITES Ltd stock rose 8% to Rs 323.90 on Wednesday against the previous close of Rs 300.60 on BSE. The stock has gained 28.55 per cent this year and risen 37.22 per cent in one year.
Shares of Rites are trading lower than the 5-day, 20-day, 50-day, 100-day and 200-day moving averages. Total 1.88 lakh shares changed hands amounting to a turnover of Rs 6 crore on BSE. Market cap of RITES climbed to Rs 15,523 crore.
"RITES Ltd., a prime transport infrastructure consultancy, today signed a Memorandum of Understanding (MoU) with Etihad Rail, the developer and operator of the UAE National Rail Network, to explore cooperation and synergise strengths in developing railways and related infrastructure services in the UAE and wider region," said RITES.
Rahul Mithal, Chairman & Managing Director, RITES said, "This strategic collaboration with Etihad Rail underscores our strengths and commitment to operational excellence & innovation, while contributing to sustainable infrastructure development. It represents a significant advancement in our strategic initiative of ‘RITES Videsh’, aimed at expanding our global services. Together, the entities are laying the foundation to significantly contribute to enhanced connectivity, setting new benchmarks of excellence in the industry."
RITES Limited, a subsidiary of Indian Railways, provides engineering services. The company offers transport infrastructure consultancy, railway inspection, rolling stock leasing and maintenance, airport construction management, industrial and electrical engineering, and other related services.
Shares of RITES Ltd zoomed 8% today after the firm said it inked a signed a Memorandum of Understanding (MoU) with Etihad Rail, the developer and operator of the UAE National Rail Network. The MoU will help RITES explore cooperation and synergise strengths in developing railways and related infrastructure services in the UAE and wider region.
RITES Ltd stock rose 8% to Rs 323.90 on Wednesday against the previous close of Rs 300.60 on BSE. The stock has gained 28.55 per cent this year and risen 37.22 per cent in one year.
Shares of Rites are trading lower than the 5-day, 20-day, 50-day, 100-day and 200-day moving averages. Total 1.88 lakh shares changed hands amounting to a turnover of Rs 6 crore on BSE. Market cap of RITES climbed to Rs 15,523 crore.
"RITES Ltd., a prime transport infrastructure consultancy, today signed a Memorandum of Understanding (MoU) with Etihad Rail, the developer and operator of the UAE National Rail Network, to explore cooperation and synergise strengths in developing railways and related infrastructure services in the UAE and wider region," said RITES.
Rahul Mithal, Chairman & Managing Director, RITES said, "This strategic collaboration with Etihad Rail underscores our strengths and commitment to operational excellence & innovation, while contributing to sustainable infrastructure development. It represents a significant advancement in our strategic initiative of ‘RITES Videsh’, aimed at expanding our global services. Together, the entities are laying the foundation to significantly contribute to enhanced connectivity, setting new benchmarks of excellence in the industry."
RITES Limited, a subsidiary of Indian Railways, provides engineering services. The company offers transport infrastructure consultancy, railway inspection, rolling stock leasing and maintenance, airport construction management, industrial and electrical engineering, and other related services.