Shares of RITES Ltd. rallied 7%, reaching a day’s high of Rs 324.60 on 9th October, after the firm announced it had signed a Memorandum of Understanding (MoU) with Etihad Rail for rail infrastructure works in the UAE.

Etihad Rail, the UAE National Rail Network developer and operator, signed an MoU with RITES to explore cooperation in developing railways and infrastructure in the UAE and the wider region.

The MoU was signed by Etihad Rail CEO Shadi Malak and RITES Chairman Rahul Mithal during the Global Rail Transport Infrastructure Exhibition and Conference in Abu Dhabi on 8th October.

RITES said the partnership aims to explore opportunities to supply or lease rolling stock, provide consultancy and project management, offer services like rolling stock repairs, and operate and maintain railway infrastructure to modernise rail services in the UAE and the region.

Another key initiative is to analyse the capacity of rail corridors in the UAE and nearby locations to improve efficiency, streamline logistics, and enhance trade routes. The partnership will also explore advanced IT solutions for train operations, passenger management, and technical input on maintenance practices.

The partnership will include knowledge transfer, expertise sharing, and workforce development, with comprehensive training programs and employee exchange initiatives as key elements.

RITES Ltd.’s shares have surged nearly 28% so far in 2024. The company’s market capitalisation stands at around Rs 15,376 crore.

At 10:23 AM, the shares of RITES were trading 6.53% higher at Rs 319.95 on NSE.

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