Stock Report

RITES, NRZ sign MoU on technical cooperation

Posted On : 2022-03-29 12:52:51( TIMEZONE : IST )

RITES, NRZ sign MoU on technical cooperation

RITES Ltd., the leading Transport Infrastructure Consultancy and Engineering company, signed a memorandum of understanding (MoU) with the National Railways of Zimbabwe (NRZ) on technical cooperation for transport and related infrastructure projects (from concept to commissioning).

The MoU aims to enable technical support in the fields of rail transportation, railway infrastructure development, including export/leasing of rolling stock, modernisation of workshops, track works, upgrade of signalling and telecommunication systems, operations & maintenance of rolling stock and training of railway personnel. Besides, the partnership intends to explore opportunities in metro rail systems and consultancy for buildings and airports.

As part of the MoU, RITES will provide technical expertise in design, engineering, and training while NRZ will be responsible for generating business leads in Zimbabwe. The collaboration will not only create a platform to enable exploration of business avenues in Africa, but also facilitate knowledge sharing to promote efficient, safe, and sustainable infrastructure.

Shares of RITES Limited was last trading in BSE at Rs. 254.25 as compared to the previous close of Rs. 264.80. The total number of shares traded during the day was 16132 in over 694 trades.

The stock hit an intraday high of Rs. 264.00 and intraday low of 253.75. The net turnover during the day was Rs. 4135370.00.

Source : Equity Bulls


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