RITES announced that it has signed memorandum of Understanding (MoU) with Damodar Valley Corporation (DVC), for innovation in rail infra works.
The scope of the MoU includes comprehensive maintenance and operational management of railway sidings, signalling and telecommunication (S&T) systems, and 25KV Overhead Electrification (OHE) isolators across DVCs private railway network in West Bengal and Jharkhand.RITES, a Miniratna (Category-I) Schedule 'A' public sector enterprise, is a leading player in the transport consultancy and engineering sector in India, having diversified services and geographical reach. As of 31 March 2024, the Government of India held 72.20% stake in the company.
The company has reported 4.48% fall in consolidated net profit to Rs 126.10 crore on a 6.34% decline in revenue to Rs 643.25 crore in Q4 FY24 over Q4 FY23.
The scrip rose 3.74% to end at Rs 705.30 on Friday 15 June 2024.
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