Rites advanced 1.30% to Rs 683.55 after the firm signed a memorandum of understanding (MoU) with the Eastern Railway's Andal Diesel Shed, Asansol division in West Bengal for Loco maintenance.
This MoU sets up for collaboration on major schedule repair and maintenance of diesel-electric locomotives owned by RITES and other clients at the Andal Diesel Shed facility.The partnership aims at streamlining the repair and maintenance process for diesel locomotives. As part of this collaboration, Rites will secure or identify business opportunities for higher schedule repairs, while the Andal diesel shed will execute the maintenance work.
RITES, a Miniratna (Category-I) Schedule 'A' public sector enterprise, is a leading player in the transport consultancy and engineering sector in India, having diversified services and geographical reach. As of 31 March 2024, the Government of India held 72.20% stake in the company.
The company has reported 4.48% fall in consolidated net profit to Rs 126.10 crore on a 6.34% decline in revenue to Rs 643.25 crore in Q4 FY24 over Q4 FY23.
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