Rites up 3% on bagging order from Oil India; Infomerics reaffirms rating

The demand for the stock came after the company received a letter of award from Oil India for construction of workmen housing complex (BQ Area) at Oil India, Duliajan

Rites shares gained 3.3 per cent in trade on Monday, April 1, 2025, logging an intraday high at ₹231 per share on BSE. The demand for the stock came after the company received a letter of award from Oil India for construction of a workmen housing complex (BQ Area) at Oil India, Duliajan.

 

Around 9:28 AM, Rites share price was up 2.06 per cent at ₹228.05 per share on BSE. In comparison, the BSE Sensex was down 0.3 per cent at 77,184. The market capitalisation of the company stood at ₹10,960.17 crore. The 52-week high of the stock was at ₹398.5 per share and the 52-week low was at ₹192.3 per share.

 

"We are pleased to inform you that Rites has received a letter of award from Oil India Limited for “Construction of Workmen Housing Complex (BQ Area) at OIL, Duliajan on Turnkey Basis under Depository Works Mode," the filing read.   ALSO READ | Stock Market LIVE Updates: Sensex 150 pts lower at 77,260; Nifty at 23,500

 

The project is worth ₹157.25 crore and has to be completed within 36 months. 

 

Besides, rating agency, Infomerics Valuation, and Rating, reaffirmed its 'IVR Triple A' rating on the long term non-fund based facility of ₹3,615 crore of Rites with a 'Stable' outlook and short term non-fund based facility of ₹175 crore with a 'IVR A One Plus' rating. 

 

Securities with an 'IVR Triple A' rating are considered to have the highest degree of safety regarding timely servicing of financial obligations. Such securities carry the lowest credit risk.

 

Securities with 'IVR A One Plus' rating are considered to have very strong degree of safety regardingtimely payment of financial obligations. Such instruments carry lowest credit risk.  ALSO READ | HBL Engineering shares soar 8% on ₹762 crore order win from Central Railway

 

Meanwhile, '+' (plus) or '-' (minus) can be used with rating symbols for the categories ‘A1 to A4’. The modifiers reflect comparative standing within the category. The above rating scale also applies to the rating of bank loans, fixed deposits, and other instruments.

 

Rites Limited, 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. 

 

In the past one year, Rites shares have lost 35 per cent against Sensex's rise of 4.5 per cent.