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RITES in demand after order win

Capital Market 

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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First Published: Tue, January 12 2021. 13:54 IST