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RITES share price rises 2% on securing ₹47-crore deal in Karnataka; details
Around 9:30 AM, RITES shares continued to trade higher, up 0.7 per cent at ₹280.25. In comparison, BSE Sensex struggled, trading 0.41 per cent at 82,162.79 levels.
Why did RITES share price rise in trade today?
RITES share price rose after the company said that it has bagged an order for construction and renovations of Government First Grade college at various locations in Karnataka under PM USHA Scheme.
In an exchange filing, RITES said, 'We are pleased to inform you that RITES has received order for 'Construction and renovations of Government First Grade college at various location in Karnataka under PM USHA Scheme' from Department of Collegiate and Technical Education (DCTE) Office of the Commissioner, Unnatha Shikshna Soudha, Seshadri Road Bengaluru which was earlier considered on Project Management Consultancy (PMC) basis is now converted into turnkey contract (cost of project plus RITES fees).'
The Project cost including RITES fees is ₹46.82 crore, excluding GST. Meanwhile, the project is expected to be completed in 36 months from the date of agreement.
At the beginning of the month, RITES announced that it has bagged multiple orders.
Firstly, the RITES-Aryan JV Joint Venture (JV) received the LOA from South Western Railway for the redevelopment including civil works, signal and telecommunication works and electrical general services at Tumakuru Station.
RITES share in the project was ₹37.81 crore excluding GST. The project, meanwhile, was expected to be executed in 540 days from the appointed date as per agreement.
The second order was from African Rail Company worth $3.6 million for the supply and commissioning of the overhauled in-service Cape Gauge ALCO Diesel Electric Locomotives fitted with new Cape Gauge Bogies, Traction Motors, Control System, Air braked, etc. overhauled at nominated facility and warranty support with the deputation of RITES technical team. This project, however, was expected to be wrapped up in 9 months. Track Stock Market LIVE Updates
About RITES
RITES Limited is a Navratna Public Sector Enterprise and a leading player in the transport consultancy and engineering sector in India, having diversified services and geographical reach.
The company has an experience spanning 50 years and undertaken projects in over 55 countries in Asia, Africa, Latin America, South America, and the Middle East region.
RITES share's 52-week high is ₹396.80 while its 52-week low is ₹192.30 per share.
The market capitalisation of RITES is ₹13,473.73 crore, according to BSE. The company falls under the BSE 500 category.
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