RITES, Titagarh Wagons sign MoU on rolling stock development

RITES Ltd., a leading transport infrastructure consultancy and engineering company, signed a memorandum of understanding (MoU) with Titagarh Wagons Limited, a company with expertise in rolling stock and propulsion systems, to synergise their efforts in their respective fields.

Under this agreement, RITES Ltd. will provide expertise in design, marketing, operations & maintenance, and support for tapping domestic and international markets while Titagarh Wagons Ltd. will develop and manufacture suitable products and submit competitive offer as per the requirement of potential clients and customers in domestic and overseas markets.

Talking about the MoU, Mr. D Majumdar, Executive Director, Railway Equipment Services, RITES Ltd., said, "The partnership between the two like-minded entities intends to bring in best practices by leveraging each other's technical expertise to build sustainable and robust transport infrastructure not just in India but across geographies."

Both the companies would explore collaborations in operations & maintenance, signaling & telecommunication, public information system, railway electrification and other systems, export and related services, and infrastructure, including buildings, airports, urban engineering, IT, urban transport, including metro railway systems, for domestic and international markets.

Shares of RITES Limited was last trading in BSE at Rs. 246.90 as compared to the previous close of Rs. 248.60. The total number of shares traded during the day was 6309 in over 645 trades.

The stock hit an intraday high of Rs. 251.10 and intraday low of 246.00. The net turnover during the day was Rs. 1564256.00.

Shares of Titagarh Wagons Limited was last trading in BSE at Rs. 102.50 as compared to the previous close of Rs. 102.15. The total number of shares traded during the day was 87505 in over 1982 trades.

The stock hit an intraday high of Rs. 104.55 and intraday low of 100.00. The net turnover during the day was Rs. 8966702.00.

Source : Equity Bulls

Keywords

RITES INE320J01015 TitagarhWagons INE615H01020 MoU RollingStock PropulsionSystems