RITES Stock Gains 3% Following MoU with SAIL-Bokaro for Railway Infrastructure Development

Shares of RITES rose over 3% on October 30 after the infrastructure consultancy signed an MoU with SAIL-Bokaro Steel Plant to oversee railway connectivity projects within the Jharkhand-based steel plant. The partnership includes comprehensive project management consultancy for both new and existing railway tracks. RITES will handle surveying, engineering, project supervision, and quality control.

Further, RITES bagged a major contract worth Rs 59.13 crore from UP State Bridge Corporation for management of infra works across Uttar Pradesh. The contract announced on Tuesday would cover supervision of bridges, flyovers, rail over/under bridges, and elevated roads for a period of next 36 months. Post this announcement, the shares of RITES were trading at Rs 303.95 on NSE, up 21% in the current year so far against 12% gain of Nifty.

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_{^{Source: Moneycontrol}}