Shares of RITES were trading in the green and almost 3% higher on 18 June after the company announced signing a memorandum of understanding (MoU) with Damodar Valley Corporation (DVC), which is a statutory body under the Ministry of Power.

As a part of this MoU, both companies will collaborate on the comprehensive maintenance and operational management of railway sidings, signalling and telecommunication (S&T) systems, and 25KV Overhead Electrification (OHE) isolators throughout DVC’s private railway network in West Bengal and Jharkhand.

RITES will handle the maintenance work, which includes the annual maintenance contract (AMC) for railway sidings, operation and maintenance (O&M) of S&T systems, and operation of 25KV OHE isolators.

Earlier on 13 June, the company signed an MoU withDelhi Metro Rail Corporation (DMRC) to collaborate on comprehensive operations and management projects for Metro Railway Systems. This partnership will encompass various aspects such as Rolling Stock, Depot Management, Station Management, and maintenance of Railway Infrastructure, both within India and internationally.

On 11 June, the company signed a memorandum of understanding (MoU) with Eastern Railway’s Andal Diesel Shed in the Asansol Division of West Bengal. This MoU establishes a framework for collaborating on major repairs and maintenance of Diesel-Electric Locomotives owned by RITES and other clients at the Andal Diesel Shed facility.

Additionally, on 6 June, Tata Steel awarded the company a contract valued at Rs 39.63 crore for locomotive hiring, including operation and maintenance services.

At 12:39 pm, the shares of RITES were trading 1.08% higher at Rs 712.80 on NSE.