Rites rises 3% on securing ₹28.5 crore order from Gujarat Urban Development

Rites share price was grabbing investors' interest in trade on Wednesday after the company received a letter of intent (LoI) from Gujarat Urban Development

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Rites shares gained 2.7 per cent in trade on Wednesday, logging an intraday high at ₹283.5 per share on BSE. At 9:30 AM, Rites share price was trading 1.99 per cent higher at ₹281.35 per share on the BSE. In comparison, the BSE Sensex was up 0.63 per cent at 82,571.26.

 

The company's market capitalisation stood at ₹13,521.79 crore. Its 52-week high was at ₹398.5 per share and 52-week low was at ₹192.3 per share.

 

In one year, Rites shares have lost 20 per cent as compared to Sensex's rise of 5 per cent.  CATCH STOCK MARKET UPDATES TODAY LIVE

Rites order win details 

The civil construction company's stock advanced after its received a letter of intent from Gujarat Urban Development Company, worth around ₹28.5 crore. The order has to be executed within 60 days.

 

"We are pleased to inform you that RITES has received the Letter of Intent from Gujarat Urban Development Company Limited for “Appointment of TPI agency for WSS/UGD/STP projects under Amrut 2.0/SJMMSVY under GUDC for ULBs of Gujarat," the filing read. 

 

The company has been appointed as the TPI agency for WSS/UGD/STP projects under Amrut 2.0/SJMMSVY by GUDC for ULBs of Gujarat.  ALSO READ | BLS E-Services shares gain 5% on deal to acquire SBI, HDFC Bank CSP network 

A TPI (Third-Party Inspection) agency is appointed to inspect and monitor the work on various infrastructure projects.

 

Recently, the company also bagged an order for construction and supervision for the extension of East Bank- East Coast Road Project Phase 2 (Eccles to Providence), along with additional work under an existing assignment. The order was worth $2,908,824.5. The project is international in nature and spans 18 months of construction supervision, followed by a 12-month defects liability period.

 

The order was secured from the Ministry of Public Works, Co-operative Republic of Guyana.  ALSO READ | Here's why Bajel Projects share price hit 5% upper limit today; details

About Rites 

Rites is a Navratna and Schedule 'A' Central Public Sector Enterprise under the Ministry of Railways, incorporated on April 26, 1974, is a multidisciplinary engineering and consultancy organisation, providing a comprehensive range of services from concept to commissioning in all facets of transport infrastructure and related technologies. The company's market capitalisation has placed it among the top 500 listed companies in India, a testament to the high-quality solutions and services it delivers, driven by its talented pool of professionals.