RITES, DVC join hands for innovation in rail infra works; stock rises 3%.

RITES stock price soar: Shares of RITES soared as much as 2.93 per cent to hit an intraday high of Rs 726 per share, on Tuesday.

The rise in share price came after the company announced that it has joined hands with  Damodar Valley Corporation (DVC), for innovation in railway infrastructure works.

In an exchange filing, the company said, “RITES Ltd., a prime transport infrastructure consultancy, today signed an MoU with Damodar Valley Corporation (DVC), a statutory body under the Ministry of Power, to collaborate for the comprehensive maintenance and operational management of railway sidings, signalling and telecommunication (S&T) systems, and 25KV overhead electrification (OHE) isolators across DVC’s private railway network in West Bengal and Jharkhand.”

Furthermore, the maintenance work entrusted to the company will include the AMC for railway sidings, O&M of S&T systems, and operation of 25KV OHE isolators, it added.

Last week, RITES 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.

RITES Limited is a Navratna Public Sector Enterprise and a leading player in the transport consultancy and engineering sector in India, having diversified services and geographical reach. 

The company has an experience spanning 50 years and undertaken projects in over 55 countries in Asia, Africa, Latin America, South America, and the Middle East region.  

BS