Miniratna Company RITES Inks MoU With CFM Angola, Shares Zoom 73% In 12 Months

Mid cap company operating in services sector, RITES Ltd today 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. RITES shares witnessed a rally of 0.81%. In last 3-months, RITES stock soared 51% and 73% in last 1-year. Check details below:

RITES Signs MoU With CFM Angola: According to the press release issued on BSE today, "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."

Manobendra Ghoshal, Chief Strategy Officer, RITES Ltd., said, "We are delighted to sign this MoU with CFM Angola, which highlights our concerted efforts under the strategic initiative 'RITES Videsh'. This partnership will enable us to share our expertise and resources, and we look forward to a long and successful relationship."

RITES Stock Outlook & Return Over Years: Current market price of RITES stock is Rs 518.40 apiece on BSE. Its 52-week high price is Rs 583.45 per share and 52-week low price is Rs 281.85 apiece, respectively. Its market capitalisation is Rs 12,457.25 crore. RITES shares gained 89% in last 2-years, soared 113% in last 3-years, and jumped 155% in last 5-years.

RITES Financials: The company on July 28, 2023 stated its profit after tax (PAT) fell 26% to Rs 96 crore in the April-June quarter as against Rs 129 crore announced in the year ago quarter. The company declared its operating revenue, barring other income, at Rs 503.7 crore in the quarter under consideration, down 13% as against Rs 578.33 crore announced in the year ago quarter.

About The Company: RITES Limited is a Miniratna (Category - I) Schedule '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 has an experience spanning 49 years and has undertaken projects in over 55 countries in Asia, Africa, Latin America, South America, and Middle East region.