Rites rallied 4.43% to Rs 710.05 after the firm signed a memorandum of understanding (MoU) with the Delhi Metro Rail Corporation (DMRC) for consulting on the projects related to metro rail system.
The said MoU has signed for collaboration in comprehensive operations and management projects of metro railway systems, including rolling stock, depot management, station management, maintenance of railway infrastructure, etc in India and abroad.The partnership aims at streamlining the process for jointly exploring, identifying, securing, and executing consultancy assignments for operations and management of metro/LRT/mass rapid transit systems in India and abroad. As a part of this collaboration, DMRC and RITES will work together in tandem, leveraging each others strengths and enhancing business capabilities.
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.
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