RITES shares rally 4% on signing MoU with DMRC
Shares of Rail India Technical and Economic Service (RITES) surged by 4% to reach the day’s peak of Rs 708 in today’s session on the BSE. This increase followed the company's announcement of signing a Memorandum of Understanding (MoU) with the Delhi Metro Rail Corporation (DMRC)
Shares of () rallied 4% to the day’s high of Rs 708 in today’s session on BSE after the company announced that it has signed an MoU with the Delhi Metro Rail Corporation () for exploring consultancy and O&M of Metro Rail Systems.“RITES Ltd., a premier transport infrastructure consultancy, today signed a Memorandum of Understanding (MoU) with Delhi Metro Rail Corporation Ltd. (DMRC) 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,” said the company filing to the exchanges.
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.
RITES informed that as a part of this collaboration, the company, along with DMRC will work together in tandem, leveraging each other’s strengths and enhancing business capabilities.
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Railway stocks have had a dream run over the last one year and stocks like , , and Texmaco Rail & Engineering have delivered multibagger returns and even jumped up to 10% after Ashwini Vaishnaw took charge as the Indian Railway minister continuing from his previous stint.
The shares of RITES have also increased by approximately 87% in the last one year while in the current calendar year, the stock has surged 41%.
On charts, the stock is sustaining well above its significant exponential moving averages and is oscillating near a mid-range level of 48 on RSI as per the Trendlyne data.
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Source: Stocks-Markets-Economic Times
