RITES shares in focus after MoU with Hindustan Copper to build critical mineral supply chain
RITES Ltd
shares are likely to attract investor interest on Monday, June 9, following the announcement that the company has signed a strategic Memorandum of Understanding (MoU) with
Hindustan Copper Limited
(HCL) to jointly build a robust and self-reliant
mineral supply chain
.
'RITES Ltd., the leading Transport Infrastructure Consultancy and Engineering firm, today signed a Memorandum of Understanding (MoU) with
Hindustan Copper Limited
(HCL), a CPSE under the Ministry of Mines, to jointly develop a rapid, reliable, and sustainable supply chain of metals and minerals, including critical minerals in India and overseas,' the company informed via its regulatory filing.
In its press release, the transport infrastructure consultancy and engineering firm said the MoU aims to facilitate the development of a rapid, reliable, and sustainable supply chain of metals and minerals, with a focus on critical minerals, both in India and internationally.
HCL, a Central Public Sector Enterprise under the Ministry of Mines, will collaborate with RITES in exploration, extraction, refining, and production activities.
The partnership will also include participation in mineral block auctions and the development of mining infrastructure. RITES will extend end-to-end consultancy and logistics support for project planning, multimodal transport solutions, infrastructure development, and rolling stock support to enhance HCL's mining operations.
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This MoU is expected to further the government's agenda of mineral security and economic resilience by fostering sustainable growth in the mining and infrastructure sectors.
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RITES share price performance
The stock of RITES has recorded a 1-year decline of 7.20%, indicating a negative return over the longer term. However, on a year-to-date (YTD) basis, the stock is up 1.63%, and the 6-month return stands at a modest 1.37%. In contrast, the 3-month performance has been strong with a 41% gain, while the 1-month return is also robust at 35.37%, reflecting a sharp recovery in recent weeks.
On Friday, RITES shares closed nearly 3% lower at Rs 300.05 on the BSE.
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