RITES' stock price up by more than 1% today

25 Apr 2024 , 04:28 PM

RITES' stock witnessed a surge in the opening trade on April 25 following the company's collaboration with Damodar Valley Corporation (DVC) for project management consultancy in rail infrastructure works.

At the time of reporting, RITES was trading at ₹685.90, marking a gain of ₹11.45, or 1.70%, on the NSE. The stock has experienced significant growth, with a 36.29% increase since the beginning of the year and an impressive 80.45% gain over the past year.

The partnership between RITES and DVC aims to innovate infrastructure solutions for upgrading, renovating, and developing rail connectivity for power plants and their surrounding areas.

RITES will collaborate closely with DVC to develop rail infrastructure facilities, including civil, structural, signaling, and overhead equipment (OHE) works.

This collaboration follows closely on the heels of RITES signing a Memorandum of Understanding (MoU) with the Indian Institute of Technology, Madras (IIT-Madras), on April 5. The focus of this partnership is on green energy projects related to transportation and mobility.

The partnership with IIT-Madras aims to find innovative infrastructure solutions for the transportation and storage of green hydrogen and green ammonia.

RITES Ltd, previously known as Rail India Technical and Economic Service Limited, is a Navaratna central public sector undertaking under India's Ministry of Railways.

Established on April 26, 1974, RITES is a multidisciplinary engineering and consultancy organization that offers a wide range of services, from concept to commissioning, in all aspects of transport infrastructure and related technologies.

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