6 days ago
PSU railway stock receives order from African Rail Company; share price zooms 138% in 3 years
Railway Stock News: A PSU railway firm has received an order from African Rail Company for supply of 2 fully overhauled ALCO locomotives for deployment in Zimbabwe, Mozambique and Botswana. As per the exchange filing, the size of the contract is 3.6 million USD (CIF). The railway company aims to execute the contract/order within nine months. This railway company is none other than RITES Limited.
Shares of RITES Limited closed in red today (Friday, July 4). The stock fell 0.65 per cent and closed at Rs 284 apiece. According to the NSE, this railway stock has a total market cap of Rs 13,649.15 crore.
In an exchange filing, the company said, '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.'
RITES Ltd is a component of the BSE 500. According to the BSE analytics (as of July 4), shares of RITES Limited gave a positive return of 1.75 per cent and 4.40 per cent in the last 1 week and 2 weeks, respectively. In the last 1 year, the railway stock fell 23.73 per cent. However, in the past 2 years, 3 years, and 5 years, shares of the company gained 55.05 per cent, 138.49 per cent, and 117.10 per cent, respectively.
RITES Limited paid dividend of Rs 1.90 in January. Last year, the company paid dividends of Rs 4.75 in February, Rs 2.50 in August, Rs 5 in September, and Rs 1.75 in November.
RITES Ltd issued bonuses in the ratio of 1:4 in 2019 and 1:1 in 2024 for the shareholders.
