RITES rose 1.54% to Rs 273.15 after the company secured a work order of Rs 67.79 crore from National High Speed Rail Corporation (NHSRCL).The order is for establishment and maintenance of Continuously Operating Reference Stations (CORS) along 487 km long Mumbai-Ahmedabad High Speed Rail Corridor. The contract excludes 21-kilometre undersea tunnel. The contract is for a period of six year.
Shares of RITES snapped their three-day losing streak. It lost 4.19% in the past three trading sessions.
RITES is a Miniratna (Category - I) Schedule 'A' Public Sector Enterprise and a leading player in the transport consultancy and engineering sector in India, having diversified services and geographical reach. As of 30 September 2020, the Government of India held 72.02% stake in the company.
The company's consolidated net profit fell 44.19% to Rs 132.36 crore on 41.18% drop in revenue from operations to Rs 438.91 crore in Q2 September 2020 over Q2 September 2019.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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