Rites entered a MoU with NMDC for rail connectivity works

Transportation infrastructure projects are the primary focus of RITES Ltd., an engineering consulting firm and public sector undertaking in India that was formerly known as Rail India Technical and Economic Service Limited.

The MoA was signed by RITES and NMDC Limited

To offer comprehensive project management consulting services, RITES Ltd., a leading transport infrastructure consultancy, signed a Memorandum of Agreement (MoA) with NMDC Limited, the biggest producer of iron ore in India. The development, modernization, and establishment of rail connectivity for NMDC’s mines and associated facilities across locations are the strategic goals of this Memorandum of Agreement.

Through this collaboration, RITES will offer full-cycle consulting services from inception to commissioning, with an emphasis on the feasibility study, Detailed Project Report (DPR), project management, and reconnaissance survey for rail connectivity projects. In the regions where NMDC operates, this includes associated civil works such as roads, bridges, and other infrastructure needed for efficient logistics and transportation.

Benefits of RITES and NMDC collaborations

The partnership highlights NMDC’s dedication to improving operational efficiencies through contemporary rail connectivity and RITES’ proficiency in managing intricate railway infrastructure projects. RITES will support NMDC in carrying out these crucial projects to enhance logistical capabilities and expedite the transportation of raw materials thanks to its experience in railway engineering and project management.

The stock price of Rites Ltd. is slightly lower

The stock of Rites Ltd. is currently trading at Rs. 292.35 per share, with a low of Rs. 291.10. The stock has reached a high of 296.00 per share, and a breakout is possible at any time.

About NMDC Limited

A public sector enterprise in India, NMDC Limited was formerly known as the National Mineral Development Corporation. Its activities include the exploration of iron ore, copper, rock phosphate, limestone, dolomite, gypsum, bentonite, magnesite, diamond, tin, tungsten, graphite, coal, and more.

The stock of NMDC Ltd. is gradually rising

The stock of NMDC Ltd. is currently trading at Rs. 218.87 per share, and an upward move is anticipated shortly.

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.