RITES shares up on MoU with NHPC for rail infra consultancy work

The shares touched a 52-week high of Rs 509.85 and a 52-week low of Rs 270.10 on July 26, 2023, and August 22, 2022, respectively.

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Shares of RITES were trading with moderate gains in the early trade on August 21 after the company signed a memorandum of understanding (MoU) with NHPC to collaborate on comprehensive consultancy services for rail infrastructure facilities for NHPC’s hydropower projects.

This collaboration will encompass consultancy services for new rail connectivity, logistics and allied infrastructure, including Rapid Loading Systems (RLS/SILO) and conveyor systems, at Pasighat for NHPC’s 2880-MW Dibang Multipurpose Project (MPP) in Arunachal Pradesh.

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RITES Limited is a Miniratna (Category–I) Schedule ‘A’ Public Sector Enterprise and a leading player in the transport consultancy and engineering sector in India, having diversified services across sectors and geographical reach.

On August 12, Europe-based financial services group Societe Generale bought 12.2 lakh shares, or more than half a percent stake in RITES at an average price of Rs 475.4 per share.

During the April-June quarter, RITES reported a 26 percent decrease in its profit after tax (PAT) to Rs 96 crore, accompanied by a 13 percent decline in its operating revenue to Rs 503.7 crore.

At 09:22 hrs the scrip was quoting at Rs 475.55, up Rs 2.20, or 0.46 percent on the BSE.

The shares touched a 52-week high of Rs 509.85 and a 52-week low of Rs 270.10 on July 26, 2023, and August 22, 2022, respectively.

Currently, the stock is trading 6.73 percent below its 52-week high and 76.06 percent above its 52-week low.