RITES spurts on mulling bonus shares

RITES was up 4.86% to Rs 290.35 at 11:12 IST on the BSE after the company announced that a board meeting will be held to consider issue of bonus shares.

The announcement was made during market hours today, 14 June 2019.

Meanwhile, the S&P BSE Sensex was down by 156.37 points, or 0.39% to 39,584.99.

On the BSE, 65,000 shares were traded in the counter so far compared with average daily volumes of 25,000 shares in the past two weeks. The stock had hit a high of Rs 294.50 and a low of Rs 277 so far during the day. It hit a 52-week high of Rs. 326.55 on 17 August 2018 and a 52-week low of Rs 190 on 2 July 2018.

RITES announced that a meeting of board of directors of the company will be held on 24 June 2019, to consider the proposal for issuance of bonus shares.

RITES reported a rise of 70.18% in the net profit to Rs 131.82 crore on a 33.34% rise in the total revenue to Rs 761.84 crore in Q4 March 2019 over Q4 March 2018.

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.

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