Shares of RITES Ltd rose over 4 per cent amid a weak market today after the arm of Indian Railways won a new business order with a JV Partner, worth Rs 361.18 crore. The order relates to the redevelopment of the Kollam railway station from Southern Railways. RITES Ltd stock opened higher at Rs 289.65 against the previous close of Rs 289.65 on BSE. Later, shares of RITES gained 4.52 per cent intraday to Rs 302.75. The share has risen 7.47 per cent in the last three sessions. The stock has gained 13.8 per cent this year and risen 13.11 per cent in one year.
In a month, the stock has risen 14 per cent. Shares of Rites are trading higher than 5-day, 20-day, 50-day, 100-day and 200-day moving averages. Total 0.63 lakh shares changed hands amounting to a turnover of Rs 1.93 crore on BSE. Market cap of RITES rose to Rs 7.163.40 crore.
“RITES Limited has secured a new business order with JV Partner, for redevelopment of Kollam Railway Station for Rs. 361.18 crores from Southern Railway, Ernakulam, Kerala. The share of RITES Limited in the order is 51 per cent,” said the company in a communication to the bourses.
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The government-owned company reported a 91.03 per cent rise in Q1 profit at Rs 137.52 crore against Rs 71.99 crore profit in the year-ago period. Sales climbed 70.59 per cent to Rs 605.04 crore in Q1 against Rs 354.68 crore in the corresponding period last fiscal. On a quarter-on-quarter basis, profit grew 0.56 per cent from Rs 136.75 crore. However, sales fell 21.02 per cent from Rs 766.02 crore in the March quarter of 2022.
RITES Limited, a subsidiary of Indian Railways, provides engineering services. The company offers transport infrastructure consultancy, railway inspection, rolling stock leasing and maintenance, airport construction management, industrial and electrical engineering, and other related services.
RITES serves customers worldwide. RITES was incorporated as ‘Rail India Technical and Economic Services Private Limited’ on April 26, 1974 as a private limited company under the Companies Act, 1956.
Meanwhile, Sensex fell 844 points to 57,989 and Nifty slips 240 points to 17,318 in the afternoon session today. In opening trade, Sensex tanked 1,268 points to 57,565 and Nifty lost 387 points to 17,171 due to weak global cues.
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