RITES shares surge 4% after signing MoU with Delhi Metro

Shares of Rail India Technical and Economic Service (RITES) surged 4% to a high of ₹708 on the BSE during today’s session. The rally followed the company’s announcement of a memorandum of understanding (MoU) with the Delhi Metro Rail Corporation (DMRC) to explore consultancy and operations for Metro Rail Systems.

RITES, a prominent railway engineering services company, saw its stock rise early on June 14 after the news broke. The collaboration with DMRC aims to enhance operations and management projects for Metro Railway, covering areas such as Rolling Stock, Depot Management, Station Management, and maintenance of Railway Infrastructure both in India and overseas.

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This partnership is expected to streamline processes for jointly exploring, securing, and executing consultancies to operate and manage Metro, Light Rail Transit (LRT), and Mass Rapid Transit Systems (MRTS) domestically and internationally.

As of 12:35 PM, RITES shares were trading 4.19% higher at ₹707.85 on the NSE.