RITES has teamed up with the National Highways Authority of India (NHAI) to offer consultancy services for a variety of projects.
What Happened: A Memorandum of Understanding (MoU) was signed between RITES Ltd. and the National Highways Authority of India (NHAI) on Monday. The partnership is intended to provide consultancy services to NHAI in highways, bridges, tunnels, road safety audits and other projects.
As per the MoU, RITES will handle external technical audits, infrastructure health monitoring, quality assurance, and other related services for NHAI projects. RITES Ltd., a Navratna Public Sector Enterprise, is a significant player in India’s transport consultancy and engineering sector, boasting a diverse range of services and a broad geographical reach.
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On Monday, RITES’s share price soared by 13%, reaching an intraday high of ₹767.7, ahead of a board meeting to consider a bonus issue and dividend. The company also planned to announce its financial results for the quarter ended June 30 after the meeting.
RITES announced that it had secured an order worth over ₹320 Cr from the Maharashtra government to construct a new government medical college in Amravati, Maharashtra. The facility, once completed, will have 430 beds and the capacity to train 100 students.
Price Action: Shares of RITES were up 13% to close at ₹759.15 on Monday.
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