RITES share price gained 1 percent in the early trade on December 7 a day after company entered into a memorandum of understanding (MoU) with Meghalaya Industrial Development Corporation Ltd (MIDC) to develop multi-modal logistics projects in Meghalaya.
At 09:25 hrs RITES was quoting at Rs 481.00, up Rs 4.35, or 0.91 percent on the BSE.
As part of the MoU, RITES will be offering its expertise as a project management consultant and shall undertake a comprehensive range of services for developing multi-modal logistics projects in Meghalaya.
The collaboration is set to improve logistics infrastructure within Meghalaya and enhance trade and transport opportunities, fostering economic development and easing access to the region, company said.
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In November, the company secured a tender for 10 diesel-electric locomotives from CFM Mozambique.
The company, in its second quarter (July-September), reported a 21.5 percent fall in its net profit to Rs 110.17 crore, against Rs 140.20 crore in the same quarter a year ago.
RITES is a Navratna Public Sector Enterprise and a leading player in the transport consultancy and engineering sector in India, and undertaken projects in over 55 countries in Asia, Africa, Latin America, South America, and Middle East region.
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