Capital Market Last Updated at March 28, 2022 12:32 IST
RITES on Monday announced that it has entered into a Memorandum of Understanding (MoU) with Mineral Exploration Corporation (MECL) to jointly bid and execute works related to geotechnical investigations for civil engineering infrastructure projects.
Mineral Exploration Corporation (MECL) is a ‘Miniratna I’ Central Public Sector Enterprise under the Ministry of Mines, Government of India. Founded in 1972, the company is engaged in systematic exploration of minerals to bridge the gap between the initial discovery of a prospect and its eventual exploitation.
RITES is a Miniratna (Category – I) Schedule ‘A’ Public Sector Enterprise and engaged in transport consultancy and engineering sector in India, having diversified services and geographical reach. As of 31 December 2021, the Government of India held 72.2% stake in the company.
The company’s consolidated net profit rose 35.52% to Rs 138.66 crore on a 70.63% increase in sales to Rs 766.64 crore in Q3 FY22 over Q3 FY21.
Shares of RITES were trading 3.21% lower at Rs 256.30 on BSE.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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