RITES and MIDC collaborate to boost multi-modal logistics projects; check details here!
The company is the only export arm of Indian Railways for providing rolling stock, other than Thailand, Malaysia, and Indonesia.
Despite notable declines in utilities, power, oil & gas, and FMCG sectors, the Indian headline indices concluded a highly volatile trading session on a positive note. This upswing was propelled by substantial gains in information technology, financial services, and banking sector stocks. Conversely, broader indices significantly trailed the main indices by a considerable margin. With 1,749 shares rising on the BSE and 2,002 shares declining, the advance-decline ratio remained in favour of declines.
RITES, MIDC and multi-modal logistics projects
RITES Ltd, a prominent civil construction company, made headlines with the announcement of a Memorandum of Understanding (MoU) with Meghalaya Industrial Development Corporation Ltd (MIDC). The collaboration aims to facilitate the development of Multi-Modal Logistics projects in Meghalaya.
Under the terms of the MoU, the company will serve as a project management consultant, providing a wide array of services for the development of multi-modal logistics projects in Meghalaya. This collaborative effort is geared towards enhancing logistics infrastructure within Meghalaya, thereby improving trade and transport prospects. The initiative is expected to contribute to economic development by facilitating easier access to the region.
About the company
RITES Limited, established in 1974, stands as a Navratna and Schedule ‘A’ Central Public Sector Enterprise under the Ministry of Railways. This multidisciplinary organization specializes in engineering and consultancy services, offering a comprehensive spectrum of assistance from conceptualization to the commissioning stage across various aspects of transport infrastructure and associated technologies.
RITES Limited boasts a diversified portfolio of services and a widespread geographical presence, catering to a range of sectors. Its expertise spans railways, highways, urban engineering (metros) and sustainability, airports, ports, ropeways, institutional buildings, inland waterways, and renewable energy. The company is the only export arm of Indian Railways for providing rolling stock, other than Thailand, Malaysia, and Indonesia.
Keep a close eye on this stock for the upcoming trading sessions.
Disclaimer: This post has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet, and is subject to changes. Please consult an expert before making related decisions.