Here's why this State-owned railway stock gained 3% in trade on January 1

RITES share price: Shares of State-owned railways company RITES rose up to 3.20 per cent to hit an intraday high of Rs 301.10 per share on Wednesday, January 1, 2025.

 

The rise in RITES share price came after the company announced that it has secured an order worth $9.7 million from the Guyana government.

 

In an exchange filing, RITES said, “We are pleased to inform you that RITES has received notification of Intention to Award from the Ministry of Public Works, Government of the Co-operative Republic of Guyana.”

 

Under the terms of the order, the company will provide engineering services for design- build-finance. It will work towards the upgradation of the Palmyra to Moleson Creek Highway- Lot 1-3, RITES said.

 

The exact amount of the order is $ 9,713,470, excluding taxes. The company is expected to complete the project in 60 months, which includes 36 months of pre-construction and construction period and 24 months of post construction period (Defect Liability Period).

 

RITES financial performance

 

RITES consolidated net profit plunged 27.8 per cent year-on-year (Y-o-Y) to Rs 73 crore in Q2FY25, as opposed to Rs 101.2 crore in Q2FY24. 

 

The company’s revenue from operations dropped over 7 per cent Y-o-Y to Rs 540.9 crore in the September quarter of financial year 2025, from Rs 582.4 crore in the September quarter of financial year 2024. 

 

About RITES 

 

RITES Limited is a Navratna Public Sector Enterprise and a leading player in the transport consultancy and engineering sector in India, having diversified services and geographical reach. 

 

The company has an experience spanning 50 years and undertaken projects in over 55 countries in Asia, Africa, Latin America, South America, and the Middle East region.  

 

RITES share’s 52-week high is Rs 413.08 while its 52-week low is Rs 246.73 per share. 

 

At 1:15 PM, the RITES share was trading in the red zone, and was down 0.1 per cent at Rs 291.45. By comparison, BSE Sensex was trading 0.38 per cent higher at 78,436 levels.