Rites gains after inking MoU with CWPRS, Ministry of Jal Shakti
Rites added 2.39% to Rs 218.25 after the company has entered into a memorandum of understanding (MoU) with the Central Water and Power Research Station (CWPRS), Ministry of Jal Shakti.
CWPRS is a subordinate office of the Department of Water Resources, River Development, and Ganga Rejuvenation, Ministry of Jal Shakti.
The collaboration entails engineering consultancy services and research & development projects in water resources, marine, and inland waterways infrastructure.
This strategic partnership will leverage RITES' expertise in transport infrastructure consultancy and project management alongside CWPRS' advanced research capabilities in water resources.
The collaboration aims to drive innovative solutions in marine, coastal, inland waterways, and hydropower infrastructure, enhancing project efficiency and sustainability through joint engineering consultancy, research, and development initiatives, it added.
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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 31st December 2024, the Government of India held a 72.20% stake in the company.
The companys consolidated net profit declined 16.7% to Rs 100.09 crore in Q3 FY25 as compared with Rs 120.14 crore in Q3 FY24. Net sales declined 15.7% to Rs 575.76 crore during the quarter.
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First Published: Feb 20 2025 | 9:39 AM IST