RITES share price rose 2 percent in the early trade on January 3 following the company secured major orders from Steel Authority of India - Bhilai Steel Plant.
At 09:58am, RITES was quoting at Rs 299.10, up Rs 6.20, or 2.12 percent, on the NSE.
The company bagged a work order worth Rs 69.78 crore from SAIL- Bhilai Steel Plant for R3Y/ R6Y Repair of WDS6 Locomotives (43 Nos.) for a period of 3 years.
In another development, the company's subsidiary REMC signed a Memorandum of Understanding (MoU) with Indian Railway Finance Corporation (IRFC) to explore options for financing power projects for supply to the railways.
Under this MoU, both parties will explore opportunities for collaboration across domains, including Transaction Advisory, Project Management services, DPR reviews, and consultancy or advisory services related to financing power projects with backward and forward linkages to the Railways, excluding those awarded by REMC.
The MoU also facilitates the financing of thermal, nuclear, and renewable power projects established under the captive model through joint ventures between Indian Railways and other entities.
Leveraging each other’s expertise and manpower as needed, REMC and IRFC will capitalize on their complementary strengths to ensure smooth project execution.
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Earlier in this month the company received notification of Intention to Award from Ministry of Public Works, Government of the Co-operative Republic of Guyana. The contract value was USD 9,713,470.
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