RITES gained 1.68% to Rs 275.05 after the EPC company secured two major orders worth Rs 749.67 crore from Ministry of Railways.
The company bagged railway electrification work order on turnkey basis from Ministry of Railways. The electrification work is between Mysore - Hassan - Manglore worth Rs 461.23 crore. The second project is between Lumding Badarpur worth Rs 288.44 crore.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 March 2021, the Government of India held 72.2% stake in the company.
On a consolidated basis, RITES posted a 1.65% decline in net profit to Rs 141.55 crore on 11.4% rise in revenue from operations to Rs 635.87 crore in Q4 FY21 over Q4 FY20.
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