Shares of RITES Ltd, a state-owned engineering consultancy, were trading 2% higher on 3 November after the company announced securing a Rs 373 crore project management contract. 

In its regulatory filing, the company said that it has received a Letter of Award from the National Institute of Mental Health & Neuro Sciences (NIMHANS) for project management consultancy (PMC) services related to the construction of a new Outpatient Department (OPD) building at the NIMHANS campus in Bangalore.

The project would be performed on a turnkey basis with a total contract value of Rs 372.68 crore, exclusive of GST and including the PMC fee, according to the company’s exchange filing.

The project is scheduled to be completed within 36 months. RITES stated that the order was awarded by a domestic company, and that neither the promoter nor the promoter group has any stake in NIMHANS. The contract does not qualify as a related party transaction.

Last week, RITES Ltd announced that it has signed a Memorandum of Understanding (MoU) with the Shipping Corporation of India Ltd. to explore a partnership in maritime logistics and multi-modal transport solutions.

Both firms will work together to ensure the timely and effective movement of RITES freight to global destinations, according to the company’s exchange filing.  The cooperation will also seek to develop creative, cost-effective, and robust supply chain and logistics solutions specific to RITEs’ operational requirements, according to the statement.

Both organisations will also participate in knowledge exchange and capacity-building efforts, sharing best practices in areas such as supply chain resilience, digital cargo tracking, and logistics planning for high-value consignments, it said.

At 12:33 pm, the shares of RITES were trading 0.88% higher at Rs 250.07 on NSE.

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