Rites share price rallies up to 13% on NSE, BSE on heavy volume; details

Rites share price: The trading volume of nearly nine lakh Rites shares was higher than the two-week average quantity of 67,000 shares on the BSE

Rites share price: Rites shares surged as much as 12.15 per cent on the BSE on Tuesday, December 31, 2024. On the National Stock Exchange (NSE), Rites shares today rallied 13.15 per cent to hit a high of Rs 302.3 per share. 

Rites share price gained in trade today on the back of heavy volumes. As many as 24.25 million shares had together changed hands on the NSE and BSE till the time of writing of this report.

  The trading volume of nearly nine lakh shares was higher than the two-week average quantity of 67,000 shares on the BSE.

  Despite today’s strong upmove, Rites share price has underperformed the market in 2024. As against the benchmark Sensex, and Nifty indices’ over 8-per cent gain in 2024, Rites share price has risen 6 per cent. The stock is down 35.2 per cent from its all-time high level of Rs 413.8 per share, which it hit on February 27, 2024.

  Rites is a ‘Miniratna’ Central Public Sector Enterprise (CPSE), established under the Ministry of Railways, Government of India.  The company provides customised, competitive, diversified, and comprehensive concept for the integrated solutions in the transport and infrastructure sector in India and abroad.

  The services provided by Rites cover transport and infrastructure sectors such as railways, highways, airports, ports, ropeways, urban transport, inland waterways, and renewable energy.

  Rites has a market capitalisation of Rs 14,110 crore on the BSE and trades with a price-to-earnings (P/E) of 35.94 times.

 

Rites Recent Orders

  On December 17, Rites secured an order to provide consultancy services for the preparation of Detailed Project Report (DPR) and Construction Supervision of all the infrastructure works of Meerut Development Authority for the next five years.

  The order is worth Rs 122.6 crore.

  On December 13, Rites informed the stock exchanges that it has received work for Project Implementation Services for the construction of Integrated Check Post (ICP) from Ministry of External Affairs, Govt. of India. The project cost is Rs 297.67 crore.

  Prior to that, on December 7, Rites said it has emerged as the top bidder (H-1 bidder)  for “Provision of Engineering Services for Design- Build-Finance: Upgrading of the Palmyra to Moleson Creek Highway- Lot 1-3” from Ministry of Public Works, Government of the Co-operative Republic of Guyana. The time period for the project is sixty months.

  The cost of project is $9,713,470, excluding taxes.

  On December 5, Rites was appointed as the ‘Project Management Consultant’ (PMC) for execution, supervision, monitoring and development of Phase II Campus of Indian Institute of Management Raipur (Chhattisgarh).

  The time period for this project is 23 months. The cost is Rs 148.25 crore.

 

Railway Budget 2025

Railway shares have been buzzing in trade recently, ahead of the presentation of the Union Budget on February 1, 2025.

  Finance Minister Nirmala Sitharaman will table the 2025 Budget in the Parliament on Saturday, Feb 1, for financial year 2025-26 (FY26). According to reports, the Union Budget may gave proposals to modernise the Indian Railways network, improve passenger services, and expand connectivity across regions.

  Moreover, there may be plans to improve the railway sector’s safety, and sustainability amid the introduction of advanced technology. Besides, the government may announce investments for high-speed trains, new routes, station upgrades, and environmental initiatives to reduce carbon emissions, reports suggest.