🔥 Premium AI-powered Stock Picks from InvestingPro Now up to 50% OffCLAIM SALE

Railway Stock Surges 4% After Signing MoU With DMRC

Published 14-06-2024, 09:37 am
© Reuters.  Railway Stock Surges 4% After Signing MoU With DMRC
RITS
-

Benzinga - Rites (NS:RITS)‘ share price was upbeat on Friday morning going up over 4% to hit an intraday high of ₹707.90.

What Happened: On Thursday, RITES and the Delhi Metro Rail Corporation (DMRC) entered into a Memorandum of Understanding (MoU). According to a press release submitted to the exchange, this MoU aims to explore consultancy and operations & management (O&M) of Metro Rail Systems.

The agreement is designed to facilitate joint efforts in exploring, identifying, procuring, and executing consultancy assignments for the operations and management of Metro, Light Rail Transit, and Mass Rapid Transit Systems both in India and internationally. This collaboration will leverage the combined strengths of RITES and DMRC, enhancing their business capabilities and expanding their reach.

This is the Navratna company’s second major partnership this week. On Wednesday, RITES signed an MoU with Eastern Railway's Andal Diesel Shed for the maintenance of diesel locomotives.

Price Action: Rites’ share price was up 3.74% to trade at ₹704.80 as the markets opened on Friday.

Read Next: In Close Shave, ‘Indian Warren Buffett’ Cut Stake In Edelweiss (NS:EDEL) Before Regulatory Action

Read the original article on Benzinga

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.