Shares of RITES Ltd rallied 6% to hit a day’s high of Rs 254.75 on 31st December. This occurred after the company informed on Tuesday (30th December) that it had received a letter of award. The award was for the supply of in-service Cape gauge diesel electric locomotives from Berhard Development Corporation (Private) Ltd, Zimbabwe.

The contract is valued at $3.6 million and will be executed over three months. RITES clarified that an international entity has awarded the order and is not linked to any promoter or group company. The transaction does not fall under related-party dealings and has been undertaken at arm’s length.

Separately, RITES signed a memorandum of understanding (MoU) with the Government of Botswana in December. This was to collaborate on the development and modernisation of the country’s railway and transport infrastructure. The MoU was signed in Gurugram on 19th December, 2025. Botswana was represented by its Ministry of Transport and Infrastructure.

The partnership aims to boost Botswana’s transport sector. It will do so by adopting advanced technologies, best practices, and capacity-building initiatives to improve efficiency, safety, and reliability.

Under the agreement, Botswana will leverage RITES’ technical expertise for railway system development and modernisation. This includes rolling stock supply, commissioning, repair, operations and maintenance support, and the modernisation of railway workshops. The collaboration will also cover wider transport infrastructure projects such as highways, bridges, airports and buildings.

At 11:54 AM, shares of RITES were trading 3.60% higher at Rs 245.80 on NSE.

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