RITES' stock price soars 4% on DMRC deal

14 Jun 2024 , 01:18 PM

In today’s session, shares of Rail India Technical and Economic Service (RITES) surged 4% to reach the day’s high of ₹721.8 following the company’s announcement that it had inked an agreement with Delhi Metro Rail Corporation (DMRC) for consulting and operations and maintenance of Metro Rail Systems.

“Together with Delhi Metro Rail Corporation Ltd. (DMRC), RITES Ltd., a leading transport infrastructure consultancy, has signed a Memorandum of Understanding (MoU) for cooperation in extensive 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 company announced in a filing to the exchanges.

The cooperation seeks to expedite the process of collaboratively investigating, locating, obtaining, and carrying out consulting projects for the management and operations of Metro/LRT/Mass Rapid Transit Systems in India and elsewhere.

According to RITES, as part of this partnership, the firm and DMRC will collaborate closely, utilising one another’s advantages and advancing business capacities.

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