RITES shares rally 3% as it secures LoI for IIT-Bhubaneswar’s Khurda Campus

RITES Ltd witnessed a robust surge of nearly 3% in its shares during Monday morning trading on February 26th. The uptick came following the announcement of RITES receiving a Letter of Intent (LoI) from IIT-Bhubaneswar for the development of infrastructure at its permanent campus in Khurda, Odisha.

As of 11:04 am, RITES shares were trading 2.88% higher at ₹781.45, reflecting investor confidence in the company’s latest development venture.

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The LoI, received on February 25, 2024, appoints RITES as the Project Management Consultant (PMC) for the infrastructure development of IIT-Bhubaneswar’s Khurda campus, situated in Argul, Jatni, Khurda, Odisha. This significant project marks another milestone in RITES’ portfolio, reinforcing its position as a leading player in infrastructure development and management.