 "RITES surges 9% on order worth Rs 499 crore from Bangalore Metro Rail")
Shares of RITES moved higher by 9 per cent to Rs 376.80 on the BSE in Thursday's intra-day trade after the company said it has secured a new business order for construction of depot-cum-workshop for Rs 499.41 crore from Bangalore Metro Rail Corporation Limited. The share of RITES in the order is 51 per cent.
The stock of the state-owned engineering, designing & construction company had hit a record high of Rs 379.90 on October 10. In the past one month, it has rallied 26 per cent, as compared to 5 per cent decline in the S&P BSE Sensex.
RITES is engaged in design, engineering, consultancy, and project management for transport infrastructure sector. RITES' subsidiary - REMC is involved in power management and generation. The company has a mandate to handle the entire power procurement, under open access for Indian Railways, besides handling renewable energy and energy-efficiency projects.
On August 26, RITES had secured a new business order with JV Partner for redevelopment of Kollam Railway Station for Rs 361.18 crore from Southern Railway, Ernakulam, Kerala. The share of RITES Limited in the order is 51 per cent.
As the government continues to unveil projects under National Infrastructure Pipeline, Gati Shakti Mission, National Monetisation Pipeline, National Rail Plan and other cutting-edge flagship schemes, RITES, with wide consultancy expertise, pragmatic interventions, and a multi-pronged approach, finds itself fully aligned to tap such opportunities.
"Also, in several countries where RITES pursues business interests, there is an increased thrust on the expansion and upgrade of infrastructure, including rail and road network, Light Rail System (Metro) and multi-modal transport network, to ensure faster, safer, and timely movement of goods and passengers. It provides opportunities for technical consultancy and export of rolling stock (indigenously developed and customised offerings) to these countries, adding credence to the idea of Atmanirbhar Bharat," the company said.
RITES in its FY22 annual report had said that the growth momentum is expected to continue with projects worth approximately Rs 142 trillion identified under the dynamic National Infrastructure Pipeline and the National Rail Plan envisaging railway infrastructure expansion for FY 2029-30 with more than 35 per cent year-on-year (YoY) increase in capital expenditure (capex) with a proposed infrastructure spend of over Rs 10 trillion in the Budget 2022-23.
The stock of the state-owned engineering, designing & construction company had hit a record high of Rs 379.90 on October 10. In the past one month, it has rallied 26 per cent, as compared to 5 per cent decline in the S&P BSE Sensex.
RITES is engaged in design, engineering, consultancy, and project management for transport infrastructure sector. RITES' subsidiary - REMC is involved in power management and generation. The company has a mandate to handle the entire power procurement, under open access for Indian Railways, besides handling renewable energy and energy-efficiency projects.
On August 26, RITES had secured a new business order with JV Partner for redevelopment of Kollam Railway Station for Rs 361.18 crore from Southern Railway, Ernakulam, Kerala. The share of RITES Limited in the order is 51 per cent.
As the government continues to unveil projects under National Infrastructure Pipeline, Gati Shakti Mission, National Monetisation Pipeline, National Rail Plan and other cutting-edge flagship schemes, RITES, with wide consultancy expertise, pragmatic interventions, and a multi-pronged approach, finds itself fully aligned to tap such opportunities.
"Also, in several countries where RITES pursues business interests, there is an increased thrust on the expansion and upgrade of infrastructure, including rail and road network, Light Rail System (Metro) and multi-modal transport network, to ensure faster, safer, and timely movement of goods and passengers. It provides opportunities for technical consultancy and export of rolling stock (indigenously developed and customised offerings) to these countries, adding credence to the idea of Atmanirbhar Bharat," the company said.
RITES in its FY22 annual report had said that the growth momentum is expected to continue with projects worth approximately Rs 142 trillion identified under the dynamic National Infrastructure Pipeline and the National Rail Plan envisaging railway infrastructure expansion for FY 2029-30 with more than 35 per cent year-on-year (YoY) increase in capital expenditure (capex) with a proposed infrastructure spend of over Rs 10 trillion in the Budget 2022-23.
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