As the markets return to some level of normalcy with the trade sustaining in the green territory, some individual company shares are surging ahead, thanks to landmark business deal. One of the major names that is currently rallying at Dalal Street is Gurugram-based Rail India Technical and Economic Service Limited or RITES.
RITES Inks Pact With Etihad Rail
The government-owned engineering consultancy corporation recently signed a Memorandum of Understanding or MoU, with UAE-based Etihad Rail. Post this, the company shares rose by over 10 per cent in the intraday trade.
In accordance with the official statement by the company, the MoU will help in exploring synergies in developing railways and related infrastructure services in the UAE and the broader region.
The MoU was signed by Shadi Malak, CEO of Etihad Rail, and Rahul Mithal, Chairman and Managing Director of RITES Ltd.
This particular deal was inked during the Global Rail Transport Infrastructure Exhibition & Conference in Abu Dhabi on Tuesday.
The company was established in 1974.
The UAE-based company, Etihad Rail, is also a public-owned entity. The company is controlled by the Federal Government of the United Arab Emirates.
Some of the key focus of the deal include enhancing efficiency, streamlining logistics, and improving trade routes.
RITES Shares Zoom By 9%
The company shares have faired exceptionally well in the day's trade on October 9.
This comes as a major boost for the company shares, as they have not exhibited their best performance of late. The company shares have dipped by 2.67 per cent or Rs 8.98, in a month's trade.
As of Wednesday, the shares of RITES surged, almost neutralising the effects of the recent losses. After surging past the 10 per cent mark, the progress tapered a little, with gains dropping a little below 10 per cent.
At 13:09 IST, the shares gained by a monumental 9.32 per cent or Rs 28.00. This took the overall value of the shares to Rs 328.35.
