Rites gains on inking MoU with DP World for logistics infrastructure development

Rites rallied 2.50% to Rs 221 after it has entered into a transformative memorandum of understanding (MoU) with DP World to explore potential opportunities for collaboration in the development of trade, logistics, and infrastructure projects.

The MoU aims to foster mutual collaboration by exploring joint opportunities in infrastructure development, including ports, multimodal logistics parks, free trade zones, rail connectivity projects, and logistics infrastructure services.

DP World is a multinational logistics company based in Dubai, United Arab Emirates. It specializes in cargo logistics, port terminal operations, maritime services, and free trade zones.

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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