RITES Secures Major Consultancy Order from Patna Metro Rail Corporation Limited
RITES Ltd has secured a significant order in a consortium from Patna Metro Rail Corporation Limited. The contract pertains to providing consultancy services for the Implementation of the Patna Metro Rail Construction Project, as confirmed by the company.The awarded project falls under the category of consultancy services and is entirely domestic. RITES was contracted by Patna Metro Rail Corporation Limited, with the execution timeline set for 68 months.
The contract details highlight that RITES Share in this project stands at approximately Rs. 79.22 Crore, excluding GST.
Key terms and conditions of the order are detailed below:
| Particulars | Details |
|---|---|
| Name of Entity Awarding Order | Patna Metro Rail Corporation Limited |
| Nature of Order | Consultancy Services for Implementation of Patna Metro Rail Construction Project |
| Type of Client | Domestic Entity |
| Contract Duration | 68 Months |
| Broad Consideration (RITES Share) | Rs. 79.22 Crore approx., excluding GST |
Furthermore, the order does not involve any conflict of interest. There is no stated interest from the promoter or promoter group companies in the awarding entity. The transaction has also been confirmed as not to be a Related Party Transaction.
RITES Stock Price Movement
On Friday, RITES Limited shares closed at ₹226.62, posting a gain of 1.69% on a strong close after trading in the Construction sector. The equity settled after reporting a total volume of 1.68 million shares, rising from the previous day's closing price of ₹222.75.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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