RITES added 1.51% to Rs 632 after it received a letter of acceptance (LoA) from National Small Industries Corporation (NSIC) for quality inspection for Rs 67.50 crore.
According to the contract, RITES will act as a quality assurance agency for the quality inspection of 18 trades of toolkits under PM Vishwakarma Scheme. The consideration of the contract is Rs 67.50 crore.Rites, a Miniratna (Category-I) Schedule 'A' public sector enterprise, is a leading player in the transport consultancy and engineering sector in India, having diversified services and geographical reach. As of 31 December 2023, the Government of India held 72.20% stake in the company.
The companys consolidated net profit declined 14.24% YoY to Rs 120.14 crore in Q3 FY24. Revenue from operations rose marginally to Rs 682.89 crore in the quarter ended 31 December 2023 from Rs 677.34 crore posted in Q3 FY23.
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