RITES gains after bagging additional order from Sri Lanka

RITES rose 1.19% to Rs 238 after the company said it received a major export contract of Rs 160 crore from the Sri Lanka government.

RITES said it signed a contract for supply of two additional fully air-conditioned diesel multiple unit (DMU) train sets for Rs 160 crore with the Ministry of Transport and Civil Aviation, Government of Sri Lanka, on 17 September 2019.

The company has just completed supply of six sets of DMU coaches to Sri Lanka with state-of-the-art features and amenities, under a previous contract. The supply under the new contract will be done in FY 2020-21. The announcement was made after market hours yesterday, 18 September 2019.

Shares of RITES gained 1.68% in two trading sessions to its current market price of Rs 238, from a recent closing low of Rs 234.05 on 17 September 2019.

On BSE, 14,000 shares were traded in RITES counter, compared to a 2-week average of 15,000 shares. The stock hit an intraday high of Rs 240 and an intraday low of Rs 235.50.

It hit a 52-week high of Rs 257.12 on 14 November 2018 and a 52-week low of Rs 160.48 on 19 February 2019.

RITES' consolidated net profit rose 6.8% to Rs 97.94 crore on a 61.8% surge in net sales to Rs 537.65 crore in Q1 June 2019 compared with Q1 June 2018.

RITES is a Government of India enterprise established in 1974, under the aegis of Indian Railways.

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