Shares of engineering firm RITES gained on October 23 following the announcement that its project management consultancy (PMC) contract with Karnataka Mining Environment Restoration Corporation (KMERC) has been converted into a turnkey contract. The Rs 453.99 crore contract (excluding GST) involves the construction of two railway private freight terminals (PFTs) at Dharmapura and Susheel Nagar in Ballari District, under the Comprehensive Environment Plan for Mining Impact Zone (CEPMIZ).
The estimated duration for the project completion inclusive of consultancy fees shall be in a period of Thirty months as from the date of signing or handover date of the construction site.
RITES had also received an award of contract from Tsiko Africa Logistics for supply and commissioning of a diesel electric locomotive valued at $4.28 million (Rs 35.87 crore). In September this year, it got the lowest quotations for a Rs 60.03 crore tender floated by Uttar Pradesh State Bridge Corporation.
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Source: Moneycontrol
News Desk
