RITES advances on new order win

RITES gained 2.28% to Rs 266.95 at 14:42 IST on BSE after the company secured an additional work of Rs 294.67 crore from ministry of railways for doubling of rail lines for South Western Railways.

The announcement was made after market hours on Friday, 7 September 2018.

Meanwhile, the S&P BSE Sensex was down 421.91 points or 1.1% at 37,967.91

On the BSE, 2.06 lakh shares were traded in the counter so far compared with average daily volumes of 2.61 lakh shares in the past two weeks. The stock had hit a high of Rs 274.45 and a low of Rs 265.80 so far during the day.

RITES said that the company has secured an additional work of Rs 294.67 crore from Ministry of Railways for doubling of Dharmavaram Penukunda rail lines (41.5 Kms) in South Western Railways. Earlier, RITES was awarded doubling work for 90.2 Kms of Dharmavaram Penukunda rail lines in South Central Railways for a cost of Rs 666.38 crore from Ministry of Railways. The work has been awarded to RITES on cost plus basis in which RITES will be paid fee at the rate of 8.5% of the cost of work.

RITES' net profit fell 0.82% to Rs 82.05 crore on 43.53% fall in net sales to Rs 310.04 crore in Q1 June 2018 over Q1 June 2017.

RITES (earlier known as Rail India Technical & Economic Services) is a mini ratna (Category-I) Schedule 'A' public sector enterprise offering transport and engineering consultancy in India.

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