Rites Shares Upbeat After Signing Another MoU

Rites‘ share price was upbeat on Tuesday morning as the markets cheered the company announcing a third partnership in the past week.

What Happened: Rites and Damodar Valley Corporation (DVC) have signed a Memorandum of Understanding (MoU) to jointly manage the maintenance and operational aspects of railway sidings, signalling, and telecommunication systems across DVC's private railway network. DVC is a statutory body under the Ministry of Power.

The collaboration will focus on the comprehensive maintenance and operational management of railway sidings, signalling and telecommunication (S&T) systems, and 25 kilovolt overhead electrification (OHE) isolators throughout DVC’s private railway network.

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This was the third MoU signed by the company last week. On June 11, RITES signed a MoU with Eastern Railway’s Andal Diesel Shed to cooperate on schedule repair and maintenance of diesel-electric Locomotives.

On June 13, RITES entered another deal with Delhi Metro Rail Corporation (DMRC) to explore consultancy and operations & management (O&M) of Metro Rail Systems.

Price Action: Rites’ share price was up 1.91% to trade at ₹718.70 as the markets opened on Tuesday.

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