Shares of RITES Ltd. rose on Tuesday after it signed a Memorandum of Understanding with North Eastern Electric Power Corp. on Friday.
RITES will support NEEPCO as a project management consultant for work related to rail infrastructure facilities, including signalling and telecommunication, overhead equipment, and conveyor systems at different hydropower stations in the region, including the Siang Basin.
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The MoU also includes work related to roads, buildings and other civil ancillary structures, as well as utilities.
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RITES shares gained 5.64% before paring gains to trade 4.14% higher at 10:52 a.m., compared to a 0.45% advance in the NSE Nifty 50.
The stock has risen 49.55% year-to-date. Total traded volume so far in the day stood at 4.7 times its 30-day average. The relative strength index was 59.
Of the eight analysts tracking the company, three maintain a 'buy' rating, two recommend a 'hold,' and three suggest a 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 71.1%.
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