RITES renews MOU with Coal India Ltd. for Rail Infra works

RITES Limited (NSE: RITES, BSE: 541556) has renewed Memorandum of Understanding (MoU) with Coal India Limited (a Government of India Enterprise) on July 3rd, 2020 for Project Management Consultancy Services of Rail Infrastructure business, and construction of rapid loading system, coal handling plants and silos. This MOU has been renewed for a period of five years.

While in the past, such MOU enabled RITES to achieve a fee income of around Rs. 100 crore per year, the company is expecting increase in it due to additional scope and several projects expected in the pipeline.

Shares of RITES Ltd was last trading in BSE at Rs.267.85 as compared to the previous close of Rs. 256.95. The total number of shares traded during the day was 381773 in over 13386 trades.

The stock hit an intraday high of Rs. 292.9 and intraday low of 265.25. The net turnover during the day was Rs. 105748437.

Shares of COAL INDIA LTD. was last trading in BSE at Rs.133.65 as compared to the previous close of Rs. 133.9. The total number of shares traded during the day was 467331 in over 6496 trades.

The stock hit an intraday high of Rs. 135 and intraday low of 132.85. The net turnover during the day was Rs. 62491026.

Source : Equity Bulls

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