RITES Signs MoU with HPCL for Railway Siding Infrastructure Development

$RITES RITES shares are likely to remain in focus on August 10 after the company signed a Memorandum of Understanding (MoU) with Hindustan Petroleum Corporation (HPCL) to provide consultancy services for the development of railway siding infrastructure across HPCL’s facilities. The partnership is expected to strengthen RITES’ presence in railway infrastructure and project consultancy. Under the agreement, RITES will provide end-to-end consultancy services covering feasibility studies, surveys, preparation of detailed project reports, engineering, project management consultancy and construction supervision. The company will also coordinate with Indian Railways for necessary statutory approvals related to the projects. In its latest quarterly results, RITES reported year-on-year growth in net profit and revenue, while EBITDA remained broadly stable. However, the EBITDA margin moderated compared with the year-ago period. RITES shares closed higher in the previous session and are currently trading below their 52-week high while remaining well above the 52-week low.