Rites Ltd Share Price – NSE  / BSE

Miscellaneous, Small Cap

Rites entered into a Memorandum of Agreement (MoA) with NMDC to provide comprehensive Project Management Consultancy services. This MoA marks a strategic collaboration aimed at developing, upgrading, and creating rail connectivity for NMDC's mines and related facilities across locations.

Through this partnership, RITES will offer end-to-end Consultancy services from concept to commissioning, focusing on the reconnaissance survey, feasibility study, Detailed Project Report (DPR), and project management for rail connectivity projects. This includes allied civil works such as roads, bridges, and other infrastructure necessary for efficient transportation and logistics in NMDC's operational areas.

The collaboration emphasizes RITES' capabilities in handling complex railway infrastructure projects and NMDC's commitment to enhancing operational efficiencies through modern rail connectivity. With expertise in railway engineering and project management, RITES will assist NMDC in executing these critical projects to streamline the transport of raw material and improve logistical capabilities.

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The said contract was earlier awarded on project management consultancy (PMC) basis has now been converted into turnkey basis.

The project involves the construction of railway private freight terminals (PFTs) at Dharmapura and Susheel Nagar in Ballari district, Karnataka under the comprehensive environment plan for mining impact zone (CEPMIZ) for KMERC.

The project will be executed in 30 months and the size of contract is Rs 453.99 crore.

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 30 September 2024, the Government of India held 72.20% stake in the company.

The company’s consolidated net profit declined 24.37% to Rs 90.44 crore in Q1 FY25 as against Rs 119.58 crore recorded in Q1 FY24. Revenue from operations declined 10.76% to Rs 485.76 crore in the quarter ended 30 June 2024 from Rs 544.35 crore posted in Q1 FY24.

Shares of RITES declined 2.26% to Rs 283.40 on the BSE.

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Rites announced that received an order from Karnataka Mining Environment Restoration Corporation for construction of Railway PFT's at Dharmapura and Susheel Nagar in Ballari District under CEPMIZ for KMERC, was earlier awarded on Project Management Consultancy (PMC) basis has now been converted into turnkey basis. The value of the order is Rs 453.99 crore.

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RITES will hold a meeting of the Board of Directors of the Company on 6 November 2024.

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