RITES, NBCC tie up for consultancy works; PSU stocks down

Shares of RITES Ltd and NBCC (India) Ltd were trading lower in Wednesday's trade, ignoring the announcement of a tie up between the two companies for consultancy works. The two companies signed an memorandum of understanding (MoU) to explore and undertake a comprehensive range of consultancy, fee-based projects, and EPC contracts from concept to commissioning.

"The partnership entails working synergy among the entities for various sectors and new-age projects in the sphere of urban energy, water management, urban transport & infrastructure, and township development," RITES told stock exchanges.

RITES would offer consultancy and project management services from conceptualisation, planning, design, cost estimation to tender documentation, and other pre-construction activities, along with coordination for construction.

NBCC, on the other hand, would offer its expertise for project implementation such as tendering, contract management, construction supervision, cost control, quality assurance, handing over/commissioning and defect liability period.

Following the announcement, shares of RITES briefly entered positive terrain but were later down 0.27 per cent at Rs 651.55. NBCC India shares were down 0.88 per cent at Rs 185.