RITES shares rose by 1.5% on June 18 after the company signed a memorandum of understanding (MoU) with Damodar Valley Corporation (DVC), a government body under the Ministry of Power.
Key Points:
- RITES and DVC will work together on the maintenance and operation of railway sidings, signalling and telecommunication systems, and 25KV overhead electrification isolators in DVC’s private railway network in West Bengal and Jharkhand.
- The tasks assigned to RITES include maintenance of railway sidings, operation and maintenance of signalling and telecommunication systems, and operation of 25KV overhead electrification isolators.
Recent Collaborations:
- June 13: RITES signed an MoU with Delhi Metro Rail Corporation (DMRC) to work on various metro railway projects, including managing rolling stock, depots, stations, and maintaining railway infrastructure both in India and internationally.
- June 11: RITES signed an MoU with Eastern Railway’s Andal Diesel Shed in West Bengal to collaborate on repairing and maintaining diesel-electric locomotives.
- June 6: Tata Steel awarded RITES a contract worth ₹39.63 crore for locomotive hiring and its operation and maintenance.
Stock Performance:
- At 10:22 am, RITES shares were trading at ₹716 each, up 1.56% on the NSE.
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