RITES rises on signing MoU with iHUB DivyaSampark, IIT-Roorkee

At 11 pm, the shares of RITES were trading at Rs 511.00, up by 1.38% from its previous closing of Rs 504.05 on the BSE.

RITES has signed a Memorandum of Understanding (MoU) with iHUB DivyaSampark, IIT-Roorkee, to jointly explore business opportunities related to innovative technologies. Under this arrangement, RITES and iHUB DivyaSampark IIT-Roorkee will collaborate on projects, events, and network facilitation to explore opportunities for Cyber Physical Systems-related innovation and emphasis on developing technology/Industry 4.0 and AI-based solutions to meet the industry’s requirements. Both entities will also collaborate and explore AI applications in the fields such as rolling stock maintenance, inspection, maintenance of bridges, office management, and airports etc.

Established in 1974, RITES is a multi-disciplinary consultancy organization in the fields of transport, infrastructure, and related technologies. It is a public sector enterprise and a leading player in the transport consultancy and engineering sector in India, having diversified services and geographical reach. The company is the only export arm of Indian Railways for providing rolling stock overseas (other than Thailand, Malaysia and Indonesia). It provides a comprehensive array of services under a single roof and believes n transfer of technology to client organizations.

On Thursday, the stock opened at Rs 505.00 and has touched a high and low of Rs 516.20 and Rs 504.60 respectively.

The BSE group ‘A’ stock of face value Rs 10 has touched a 52 week high of Rs 540.70 and Rs 281.85, respectively.

Last one week high and low of the scrip stood at Rs 540.70 and Rs. 493.00 respectively. The current market cap of the company is Rs 12,246.99 crore.

The promoters holding in the company stood at 72.20%, while Institutions and Non-Institutions held 18.69% and 9.11% respectively.

Disclaimer: This blog 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.