RITES shares rally 8% on signing MoU with Etihad Rail for UAE project
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Shares of RITES rallied 8% to a day’s high of Rs 324.70 on the BSE after the company announced that it has entered into a strategic partnership with Etihad Rail to explore railway infrastructure development in the UAE. “RITES Ltd., a prime transport infrastructure consultancy, today signed a Memorandum of Understanding (MoU) with Etihad Rail, the developer and operator of the UAE National Rail Network, to explore cooperation and synergise strengths in developing railways and related infrastructure services in the UAE and wider region,” the company said in a filing to the exchanges. The MoU also includes a capacity analysis of rail corridors in the UAE and surrounding areas to boost efficiency, streamline logistics, and enhance trade routes. Both parties will focus on innovation and advanced IT solutions for train operations, passenger management, and maintenance practices. The company stated that this partnership aims to combine the stren...