RITES emerges as lowest bidder for consultancy order

RITES has, in consortium, emerged as L-1 bidder for a General Consultancy order from Haryana Rail Infrastructure Development Corporation for their Haryana Orbital Rail Corridor (HORC).

The order is for a new electrified Broad-Gauge double line (about 144 kms) from Palwal to Sonipat via Sohna, Manesar and Kharkhoda in the state of Haryana with speed potential of 160 kmph. Fee payable to the consortium will be about Rs 61 crore.

The announcement was made after market hours yesterday, 11 February 2021. Shares of RITES fell 1.81% to settle at Rs 241.10 yesterday.

The stock hit a 52-week high of Rs 328.5 on 13 February 2020. The stock hit a 52-week low of Rs 191 on 24 March 2020.

The PSU company's consolidated net profit declined 29.8% to Rs 105.31 crore on 27.51% decline in revenue from operations to Rs 449.29 crore in Q3 FY21 over Q3 FY20.

RITES is a Miniratna (Category - I) Schedule 'A' Public Sector Enterprise and a leading player in the transport consultancy and engineering sector in India, having diversified services and geographical reach. As of 31 December 2020, the Government of India held 72.2% stake in the company.

Powered by Capital Market - Live News