Shares of RITES Ltd gained 3% on 26 April after the company announced signing a Memorandum of Understanding (MoU) with Ultratech Cement Limited.

In its regulatory filing, the company said they signed an MoU with Ultratech Cement to provide project management consultancy services for rail infrastructure projects. 

RITES is a Navratna central public sector firm under the Ministry of Railways. This multifunctional engineering and consultancy firm provides a comprehensive range of services from idea to commissioning in all areas of transportation infrastructure and related technology. 

According to Q3FY24, Rites Limited has a robust order book of Rs. 5,496 crores. 38% of the company’s revenue came from turnkey projects, 6% came from leasing, 5% from exports, and 51% came from consultancy as of 9MFY24.

On 24 April, the company announced that it had signed a Memorandum of Understanding (MoU) with Damodar Valley Corporation to provide project management consulting services for rail infrastructure projects.

The collaboration aims to find creative infrastructure solutions to upgrade, expand, and improve rail connectivity for power plants and the neighbouring towns. As part of this partnership, RITES and DVC will cooperate closely to create rail infrastructure facilities as well as associated civil, structural, S&T, and OHE efforts.

At 2:45 pm, the shares of RITES were trading 1.66% higher at Rs 697.70 on NSE.