The Ministry of Railways informed that the new line between Belgam and Dharwad via Kittur, the new Shimoga-Shikaripura-Ranebennur line and the Tumkur-Devangere via Chitradurga new line project will not be executed by RITES.
The company had received letter of acceptance (LoA) from the Ministry of Railways for the aforementioned projects on 6 August 2021. Total award value for all the projects was Rs 4027.99 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 30 September 2021, the Government of India held 72.2% stake in the company.
RITES' consolidated net profit rose 30.41% to Rs 168.97 crore on a 72.06% increase in net sales to Rs 755.18 crore in Q2 FY22 over Q2 FY21.
Shares of RITES shed 0.83% to currently trade at Rs 274.50 on the BSE.
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