Shares of RITES Ltd rose nearly a per cent on Tuesday after the prime transport infrastructure consultancy said it inked a Memorandum of Understanding (MoU) with National Highways Authority of India (NHAI), under the Ministry of Road Transport and Highways. The partnership aims to deliver consultancy services for NHAI projects in the areas of highways, bridges and tunnels and road safety audits.
RITES stock gained 0.92% to Rs 766.35 against the previous close of Rs 758.85 on BSE.
Total 0.32 lakh shares changed hands amounting to a turnover of Rs 2.44 crore on BSE. Market cap of the firm rose to Rs 18,193 crore. Shares of RITES opened higher at Rs 762.35.
RITES share has gained 190% in two years and risen 67.28% since the beginning of this year.
RITES stock has a one-year beta of 1.3. This signals the stock has high volatility.
In terms of technicals, the relative strength index (RSI) of RITES stands at 58.4, signaling it's trading neither in the overbought nor in the oversold zone. RITES shares are trading higher than the 5 day, 10 day, 20 day, 30 day, 50 day, 100 day, 150 day and 200 day moving averages.
Under the terms of the MoU, RITES will conduct external technical audits, infrastructure health monitoring, provide quality assurance and other related services.
RITES Limited is a Navratna 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 50 years and undertaken projects in over 55 countries in Asia, Africa, Latin America, South America, and Middle East region.