RITES' shares saw a 2% increase on January 3 after the company received a ₹69.78 crore order from the Steel Authority of India's Bhilai Steel Plant. The contract involves repairing 43 locomotives over three years.
In addition to the order win, RITES' subsidiary, REMC, signed a comprehensive Memorandum of Understanding (MoU) with the Indian Railway Finance Corporation (IRFC). This MoU aims to explore innovative financing solutions for power projects supplying energy to railways. The partnership will focus on providing transaction advisory, project management services, and financing for a wide range of power projects, including thermal, nuclear, and renewable, all of which are crucial for the efficient operation of the railways.
This strategic collaboration between RITES and REMC aims to leverage both companies' expertise, enhancing the smooth execution of power projects. This collaboration will also benefit joint ventures between Indian Railways and other entities, ensuring efficient and effective project management.
Earlier this month, RITES also received a significant notification from the government of Guyana, indicating its intention to award a USD 9.7 million contract. If awarded, this contract will boost RITES' revenue and strengthen its international presence, demonstrating the company's growing influence in the global railway sector.
RITES' stock price surged to ₹299.10 by 9:58 AM on January 3, marking a 2.12% increase.
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