RITES inks pact with Senegal firm for cooperation in Rail Sector; stock adds ~1%

8 Jun 2022 , 11:32 AM

RITES Ltd., the leading Transport Infrastructure Consultancy and Engineering company, has signed a memorandum of understanding (MoU) with Grands Trains DU Senegal (GTS-S.A), a railroad company of Senegal, on technical cooperation in the railway sector.

The MoU requires technical cooperation in the fields of rail transportation, supply of rolling stock, railway infrastructure development, including dedicated freight corridors and passenger stations, IT solutions for railway operations, modernization of workshops, and up-gradation of signalling, telecommunication, and rail monitoring systems.

As part of the MoU, RITES will offer its services for the operation and maintenance of the railway network and sidings.

This collaboration will enable knowledge sharing to promote efficiency, safety, and sustainability in the railway sector of Senegal.

RITES is currently trading at Rs246.65 up by Rs1.55 or 0.63% from its previous closing of Rs245.10 on the BSE. The scrip opened at Rs247.30 and has touched intraday high and low of Rs248.15 and Rs245.45 respectively.