RITES saw its shares jump over 5% on December 26 after the Navratna public sector undertaking (PSU) signed a Memorandum of Understanding (MoU) with North Eastern Electric Power Corporation Limited (NEEPCO) for consultancy works. 

Shares of RITES reached an intraday high of Rs 514.70, up 5.6% from the previous closing price on the National Stock Exchange (NSE). The stock closed 5.42% higher from the last close at Rs 509.20.

In an exchange filing, the company announced that it has signed an MoU with NEEPCO for consultancy works to strengthen the logistical infrastructure at five hydropower stations in Siang Basin, Arunachal Pradesh. 

As per the MoU, RITES will also support NEEPCO as a Project Management Consultant for works related to rail infrastructure facilities, including signalling and telecommunications, overhead equipment, and conveyor systems. The collaboration also entails work related to buildings, roads, and other civil ancillary structures, including utilities. 

The Board of Directors of the PSU had, earlier on November 8, paid the second interim dividend of Rs 4.5 per share, amounting to Rs 108 crore.