Rites Shares were trading in the green and reached an intraday high of Rs 537.95 on 12 September after the company signed an agreement with Caminho De Ferro De Moçâmedes (CFM), Angola, to assist the company in developing railway-related infrastructure in an African nation that includes the supply of rolling stock.
According to the deal, the company will collaborate with CFM Angola in areas such as the supply of rolling stock, repairing of rolling stock, railway infrastructure projects, IT services, operations and maintenance of railway infrastructure, master planning, technical maintenance, and much more.
In August, the company emerged as the lowest bidder in the tender floated by the Railway Board for the inspection and service testing of the Indian Railways in India, which is to be executed within the next five years and has an extendable period of one year.
The total size of the inspection order is 60,00,000 tonnes of railways, with approximate inspection fees of Rs 65.4 crore.
This month, the company signed an MoU (memorandum of understanding) with iHUB DivyaSampark and IIT Roorkee to explore business opportunities related to innovative technologies.
Within this agreement, all the companies will collaborate on projects, events, and network facilitation to explore opportunities for cyber-physical systems-related innovation and emphasise developing technology/industry 4.0 and AI-based solutions to meet the industry’s requirements.
At 12:25 pm, the shares of RITES were trading at Rs 517 or 0.74% above its previous close on NSE.