Rites inks MoU with Neyveli Uttar Pradesh Power for Rs 120 crore project

Neyveli Uttar Pradesh Power (NUPPL) a joint venture of Neyveli Lignite Corporation India (Govt. of India Enterprise) and Uttar Pradesh Rajya Vidyut Utpadan Nigam (Government of Uttar Pradesh Enterprise).

The contract is for undertaking comprehensive operation & maintenance of NUPPL/GTPP railway siding. The tenor of the project is five years.

RITES, a Miniratna (Category-I) Schedule 'A' public sector enterprise, is a leading player in the transport consultancy and engineering sector in India, having diversified services and geographical reach. As of 31st December 2024, the Government of India held a 72.20% stake in the company.

The company's consolidated net profit declined 16.7% to Rs 100.09 crore in Q3 FY25 as compared with Rs 120.14 crore in Q3 FY24. Net sales declined 15.7% to Rs 575.76 crore during the quarter.

The scrip slipped 2.15% to currently trade at Rs 209.20 on the BSE.

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