Shares of RITES Ltd rallied 4% on 3 January after the company announced acquiring a sizable order from the Steel Authority of India – Bhilai Steel Plant for a total consideration of Rs 69.78 crore. 

A work order of Rs 69.78 crore was given to the company by SAIL-Bhilai Steel Plant for the three-year R3Y/R6Y maintenance of forty-three WDS6 locomotives.

In another development, a Memorandum of Understanding (MoU) was signed between the Indian Train Finance Corporation (IRFC) and its subsidiary REMC to explore potential financial opportunities for power projects for train supplies.

Under this MOU, both parties will look into opportunities for collaboration in a number of areas, including Transaction Advisory, Project Management services, DPR reviews, and consulting or advisory services related to financing power projects with backward and forward linkages to the Railways, with the exception of those granted by REMC.

The MoU also facilitates the financing of thermal, nuclear, and renewable power projects developed under the captive paradigm through joint ventures between Indian Railways and other entities.

When necessary, REMC and IRFC shall use each other’s expertise and personnel to ensure smooth project execution.

Earlier this month, the government of the Co-operative Republic of Guyana’s Ministry of Public Works informed the corporation that it intended to make the award. The total contract value was USD 9,713,470.

At 12:44 pm, the shares of RITES were trading 0.96% higher at Rs 295.70 on NSE.

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