Latest news with #GujaratUrbanDevelopmentCompany
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Business Standard
25-06-2025
- Business
- Business Standard
Rites rises 3% on securing ₹28.5 crore order from Gujarat Urban Development
Rites shares gained 2.7 per cent in trade on Wednesday, logging an intraday high at ₹283.5 per share on BSE. At 9:30 AM, Rites share price was trading 1.99 per cent higher at ₹281.35 per share on the BSE. In comparison, the BSE Sensex was up 0.63 per cent at 82,571.26. The company's market capitalisation stood at ₹13,521.79 crore. Its 52-week high was at ₹398.5 per share and 52-week low was at ₹192.3 per share. Rites order win details The civil construction company's stock advanced after its received a letter of intent from Gujarat Urban Development Company, worth around ₹28.5 crore. The order has to be executed within 60 days. "We are pleased to inform you that RITES has received the Letter of Intent from Gujarat Urban Development Company Limited for 'Appointment of TPI agency for WSS/UGD/STP projects under Amrut 2.0/SJMMSVY under GUDC for ULBs of Gujarat," the filing read. The company has been appointed as the TPI agency for WSS/UGD/STP projects under Amrut 2.0/SJMMSVY by GUDC for ULBs of Gujarat. A TPI (Third-Party Inspection) agency is appointed to inspect and monitor the work on various infrastructure projects. Recently, the company also bagged an order for construction and supervision for the extension of East Bank- East Coast Road Project Phase 2 (Eccles to Providence), along with additional work under an existing assignment. The order was worth $2,908,824.5. The project is international in nature and spans 18 months of construction supervision, followed by a 12-month defects liability period. About Rites Rites is a Navratna and Schedule 'A' Central Public Sector Enterprise under the Ministry of Railways, incorporated on April 26, 1974, is a multidisciplinary engineering and consultancy organisation, providing a comprehensive range of services from concept to commissioning in all facets of transport infrastructure and related technologies. The company's market capitalisation has placed it among the top 500 listed companies in India, a testament to the high-quality solutions and services it delivers, driven by its talented pool of professionals.
Business Standard
25-06-2025
- Business
- Business Standard
RITES gains after securing Rs 28.5-cr contract from GUDC
RITES rose 2.45% to Rs 282.60 after the company announced that it has received a letter of intent (LoI) from Gujarat Urban Development Company (GUDC) for a project valued at Rs 28.5 crore. Under the contract, RITES will serve as the third-party inspection (TPI) agency for water supply systems (WSS), underground drainage (UGD), and sewage treatment plant (STP) projects across urban local bodies (ULBs) in Gujarat. The projects fall under the AMRUT 2.0 and SJMMSVY schemes and will be executed over a period of 60 months. 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 31 March 2025, the Government of India held a 72.20% stake in the company. The company's consolidated net profit rose 5.24% to Rs 132.71 crore despite a 4.32% decline in revenue to Rs 615.43 crore in Q4 FY25 as compared with Q4 FY24.
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Business Standard
25-06-2025
- Business
- Business Standard
Rites jumps 3% on securing ₹28.5 crore order from Gujarat Urban Development
Rites shares gained 2.7 per cent in trade on Wednesday, logging an intraday high at ₹283.5 per share on BSE. At 9:30 AM, Rites share price was trading 1.99 per cent higher at ₹281.35 per share on the BSE. In comparison, the BSE Sensex was up 0.63 per cent at 82,571.26. The company's market capitalisation stood at ₹13,521.79 crore. Its 52-week high was at ₹398.5 per share and 52-week low was at ₹192.3 per share. In one year, Rites shares have lost 20 per cent as compared to Sensex's rise of 5 per cent. Rites order win details The civil construction company's stock advanced after its received a letter of intent from Gujarat Urban Development Company, worth around ₹28.5 crore. The order has to be executed within 60 days. "We are pleased to inform you that RITES has received the Letter of Intent from Gujarat Urban Development Company Limited for 'Appointment of TPI agency for WSS/UGD/STP projects under Amrut 2.0/SJMMSVY under GUDC for ULBs of Gujarat," the filing read. The company has been appointed as the TPI agency for WSS/UGD/STP projects under Amrut 2.0/SJMMSVY by GUDC for ULBs of Gujarat. A TPI (Third-Party Inspection) agency is appointed to inspect and monitor the work on various infrastructure projects. Recently, the company also bagged an order for construction and supervision for the extension of East Bank- East Coast Road Project Phase 2 (Eccles to Providence), along with additional work under an existing assignment. The order was worth $2,908,824.5. The project is international in nature and spans 18 months of construction supervision, followed by a 12-month defects liability period. The order was secured from the Ministry of Public Works, Co-operative Republic of Guyana. About Rites Rites is a Navratna and Schedule 'A' Central Public Sector Enterprise under the Ministry of Railways, incorporated on April 26, 1974, is a multidisciplinary engineering and consultancy organisation, providing a comprehensive range of services from concept to commissioning in all facets of transport infrastructure and related technologies. The company's market capitalisation has placed it among the top 500 listed companies in India, a testament to the high-quality solutions and services it delivers, driven by its talented pool of professionals.
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Business Standard
05-06-2025
- Business
- Business Standard
Rites share price gains 12% in two days; what's driving investor interest?
Rites share price gained 7 per cent in trade on Thursday, June 5, 2025, logging a day's high at ₹316.15 per share on BSE. The stock gained nearly 12 per cent in two days after the company emerged as lowest bidder (L-1) in the financial bid of the QCBS tender floated by Gujarat Urban Development Company. At 12:09 PM, Rites shares were trading 4.99 per cent higher at ₹310.15 per share on the BSE. In comparison, the BSE Sensex was up 0.81 per cent at 81,656.47. The market capitalisation of the company stood at ₹14,932.36 crore. The 52-week high of the stock was at ₹398.5 per share and the 52-week low of the stock was at ₹192.3 per share. In the past one year, Rites shares have lost 3 per cent as compared to Sensex's rise of around 9 per cent. Why were Rites shares in demand? On Tuesday, after market hours, the company informed investors that it has emerged a L1 bidder for appointment of TPI agency for water supply scheme, underground drainage and sewage treatment plant projects for urban local bodies of Gujarat. The order was worth ₹28.5 crore (exclusive of GST) and has to be executed within 60 months. The order is subject to award after the due process of scrutiny and overall evaluation (technical and financial) by the Gujarat Urban Development Company as per the requisite requirements mentioned in the tender documents. "We are pleased to inform you that Rites is the lowest bidder (L-1) in the financial bid of the QCBS tender floated by Gujarat Urban Development Company Limited for 'Appointment of TPI agency for WSS/UGD/STP projects under Amrut 2.0/SJMMSVY under GUDC for ULBs of Gujarat', the filing read. ALSO READ | About Rites Rites Limited, a Navratna Enterprise under the Ministry of Railways, incorporated on April 26, 1974, is a multidisciplinary engineering and consultancy organisation, providing a comprehensive range of services from concept to commissioning in all facets of transport infrastructure and related technologies. The company's market capitalisation has placed it among the top 500 listed companies in India, a testament to the high-quality solutions and services it delivers, driven by its talented pool of professionals.
Business Standard
03-06-2025
- Business
- Business Standard
RITES emerges as L-1 bidder for tender floated by Gujarat Urban Development Company
RITES said that it has emerged as the lowest bidder (L-1) in a quality-cum-cost based selection (QCBS) tender floated by Gujarat Urban Development Company (GUDCL) for a project worth Rs 28.50 crore. The tender is for the appointment of a Third-Party Inspection (TPI) agency for Water Supply, Underground Drainage, and Sewage Treatment Plant (WSS/UGD/STP) projects under the Amrut 2.0/SJMMSVY schemes, managed by GUDC for Urban Local Bodies (ULBs) of Gujarat. This project is slated for completion within 60 months from the date of the letter of award (LoA) or Notice to Proceed (NTP). The order is subject to award after the due process of scrutiny and overall evaluation (technical and financial) by the Gujarat Urban Development Company Limited as per the requisite requirements mentioned in the tender documents, RITES said in a statement. 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 31 March 2025, the Government of India held 72.20% stake in the company. The companys consolidated net profit jumped 29.19% to Rs 141.33 crore in Q4 FY25 as against Rs 109.39 crore posted in Q3 FY25. Revenue from operations rose 6.89% to Rs 615.43 crore in the quarter ended 31 March 2025 from Rs 575.76 crore posted in Q3 FY25. The scrip rose 0.91% to currently trade at Rs 281.70 on the BSE.
