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RITES, Damodar Valley Corp collaborate for rail infra works
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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Summary
RITES Ltd shares settled at ₹674.25 on the BSE, half a percent higher. So far this year, the scrip has gained nearly 35%, while the one-year return on the stock is 78%.
RITES Ltd has signed a memorandum of understanding (MoU) with Damodar Valley Corp (DVC), a statutory body under the Ministry of Power, to collaborate for Project Management Consultancy for rail infra works.
The partnership aims at finding novel infrastructure solutions for upgradation, renovation and development of rail connectivity for power plants and surrounding areas, the Navratna public sector undertaking (PSU) informed in a stock exchange filing.
As part of this collaboration, RITES will be working closely with DVC for development of rail infrastructure facilities and associated civil, structural, S&T, OHE works, it added.
Earlier on Monday, March 18, RITES informed exchanges that it had bagged orders worth ₹67.5 crore from the National Small Industries Corporation. The company will be the quality assurance agency for quality inspection of 18 trades of toolkits under the PM Vishwakarma Scheme, the filing added.
The company, formerly known as Rail India Technical and Economic Service, aims to break its streak of weak revenue growth next year, after failing to meet market expectations for six consecutive quarters.
“In quarter three (Oct-Dec 2023), we could achieve our vision of being a one-order-a-day company; we got 100-plus orders in quarter three, totaling to more than ₹600 crore. So as these orders mature into revenue in the coming FY, we would see substantial growth in our EBITDA vis-a-vis our baseline of 2022-23 and 2023-24 will be a year of consolidation,” the company’s Chairman and Managing Director, Rahul Mithal told CNBC-TV18.
RITES Ltd shares settled at ₹674.25 on the BSE, half a percent higher. So far this year, the scrip has gained nearly 35%, while the one-year return on the stock is 78%.
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