Stock Market: RITES signs pact with Etihad Rail, keep an eye on the stock:

News Topical, Digital Desk : RITES, a Navaratna civil construction company listed on the BSE 500, is expected to see significant action on Wednesday. The company announced after market hours on Tuesday that it had signed an MoU with Etihad Rail. The stock closed down nearly 1% in today's session.

What information has the company provided?

In a filing to the stock exchange, the company stated that it has signed an agreement with Etihad Railway and its subsidiary, National Infrastructure Construction Company. The agreement aims to expand business partnerships in the mobility sector in the UAE and beyond. In this partnership, RITES will leverage its five decades of expertise in consultancy, transport infrastructure, and engineering solutions, while NICC will utilize its capabilities to deliver these projects.

How was the company's first quarter performance? In the first quarter, the company's profit increased slightly to ₹91 crore. Revenue from operations also increased slightly to ₹490 crore. EBITDA increased by approximately 8%.