Navratna firm's stock in news today on MoU with SAIL-Bokaro Steel Plant 

Shares of RITES Ltd are in news today after the firm said it has inked a Memorandum of Understanding (MoU) with SAIL-Bokaro Steel Plant (SAIL-BSL), under the Ministry of Steel, to collaborate on project management consultancy for rail connectivity works. These consultancy works involve both existing and new railway tracks across various sites within the Bokaro Steel Plant in Jharkhand.

RITES Ltd stock closed 3.06% higher at Rs 294.60 on Tuesday against the previous close of Rs 285.65 on BSE. The stock has gained 17.24 per cent this year and gained 28 per cent in one year.

Shares of RITES are trading lower than 5-day, 20-day, 50-day, 100-day and 200-day moving averages. Total 1.65 lakh shares changed hands amounting to a turnover of Rs 4.79 crore on BSE. Market cap of RITES rose to Rs 14,148 crore.

"Under the MoU, RITES will provide comprehensive services, including surveying, engineering, project monitoring, supervision and quality control," said RITES. 

RITES Limited, a subsidiary of Indian Railways and a Navratna firm , 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.

RITES serves customers worldwide. RITES was incorporated as 'Rail India Technical and Economic Services Private Limited' on April 26, 1974 as a private limited company under the Companies Act, 1956.