RITES rises and falls

Yesterday late evening, RITES, a prime transport infrastructure consultancy and engineering firm, announced that it has signed a Memorandum of Understanding (MoU) with Caminho De Ferro De Moçâmedes (CFM) Angola for cooperation in the development of Railways and related infrastructure, including the supply of rolling stock.

As part of the MoU, RITES and CFM Angola will collaborate in areas such as supply of Rolling Stock, Railway Infrastructure Projects, repairing of rolling stock, operations and maintenance of railway infrastructure, Information Technology services, Technical Maintenance and Master Planning and more.

RITES recently signed a memorandum of understanding (MoU) with iHUB DivyaSampark, IIT-Roorkee, to jointly explore business opportunities related to innovative technologies.

The stock opened 1% higher at Rs.518.55 and soon rose to an intraday high at Rs.537.35, up almost 4.5%; profit booking came in at this level and the stock is now in the red, trading a Rs.507 levels.