RITES and Delhi Metro Rail Corporation entered into a Memorandum of Understanding (MoU) on June 13, 2024.
What Happened: The MoU is aimed at exploring consultancy and operations & management (O&M) of Metro Rail Systems, as per a press release submitted to the exchange.
The MoU is designed to facilitate the joint exploration, identification, procurement, and execution of consultancy assignments for operations and management of Metro/Light Rail Transit/Mass Rapid Transit Systems in India and abroad. This collaboration will see RITES and DMRC joining forces, capitalising on each other’s strengths and expanding their business capabilities.
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This collaboration comes on the heels of a recent MoU signed by RITES with Eastern Railway's Andal Diesel Shed for locomotive maintenance. As reported on June 12, 2024, the MoU aimed to enhance the repair and maintenance procedure for diesel locomotives, which led to a sharp rise in RITES’ share price, indicating a positive market response to such strategic collaborations.
Price Action: RITES’ share price was down 0.27% to close at ₹679.40 Thursday.
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