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Rites Ltd.

BSE: 541556 Sector: Engineering
NSE: RITES ISIN Code: INE320J01015
BSE 00:00 | 24 May 265.80 12.25
(4.83%)
OPEN

259.50

HIGH

267.90

LOW

257.15

NSE 00:00 | 24 May 266.40 12.45
(4.90%)
OPEN

260.05

HIGH

268.95

LOW

257.15

OPEN 259.50
PREVIOUS CLOSE 253.55
VOLUME 48048
52-Week high 326.55
52-Week low 190.00
P/E 13.42
Mkt Cap.(Rs cr) 5,316
Buy Price 267.55
Buy Qty 500.00
Sell Price 267.90
Sell Qty 396.00
OPEN 259.50
CLOSE 253.55
VOLUME 48048
52-Week high 326.55
52-Week low 190.00
P/E 13.42
Mkt Cap.(Rs cr) 5,316
Buy Price 267.55
Buy Qty 500.00
Sell Price 267.90
Sell Qty 396.00

Rites Ltd. (RITES) - Company History

RITES Limited 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. The company has an experience spanning 44 years and has undertaken projects in over 55 countries including Asia Africa Latin America South America and Middle East regions. RITES Limited is the only export arm of Indian Railways for providing rolling stock overseas (other than Thailand Malaysia and Indonesia).RITES Limited is a multidisciplinary engineering and consultancy organization providing diversified and comprehensive array of services from concept to commissioning in all facets of transport infrastructure and related technologies. Based on Public Enterprise Survey 2015-2016 the Company is ranked No. 1 based on net profit and dividend declared in Industrial Development and Technical Consultancy Services sector. The Company has significant presence as a transport infrastructure consultancy organization in the railway sector. However it also provides consultancy services across other infrastructure and energy market sectors including urban transport roads and highways ports inland waterways airports institutional buildings ropeways power procurement and renewable energy. It has over the years served various public sector undertakings government agencies and instrumentalities and large private sector corporations both in India and abroad. The company was incorporated by the Ministry of Railways Government of India ('MoR') and has the benefit of being associated with the Indian Railways which is the fourth longest rail network in the world. Since the inception in 1974 it has evolved from its origins of providing transport infrastructure consultancy and quality assurance services.In India the clients include various central and state government ministries departments instrumentalities as well as local government bodies and public sector undertakings. These include Indian Railways NTPC Dedicated Freight Corridor Corporation of India Limited High Speed Rail Corporation of India Limited Public Works Department DMRC Steel Authority of India Limited Rashtriya Ispat Nigam Limited Hindustan Petroleum Corporation Limited Bharat Coking Coal Limited Metro Link Express for Gandhinagar and Ahmedabad (MEGA) Company Limited Indian Port Rail Corporation Limited Airports Authority of India among others. We also engage with various large private sector corporations including L&T Metro Rail (Hyderabad) Limited Kanti Bijlee Utpadan Nigam Limited (KBUNL) Cimmco Limited Titagrah Wagons Limited Snowmex Engineers Limited Unity Infraprojects Limited Rajdeep Buildcon Private Limited Mahalsa Constructions Private Limited Marymatha Constructions Limited AFCON Infrastructure Limited INCAP ARK Services MNEC Consultants Private Limited Indian Geotechnical Services Limited Geokno India Private Limited and NATRIP Implementation Society among others. RITES Limited was incorporated as a private limited company with the name `Rail India Technical and Economic Services Private Limited' on April 26 1974. The word `private' was deleted from the name of the Company on February 17 1976. During the year 1975-76 the company entered into a consultancy agreement for conducting techno-economic study for Syrian Railways.During the year 1985-86 the company established geotechnical centre for field and laboratory investigations. During the year 1994-95 the company bagged an export contract for supply of diesel locomotives to Nepal Railways. During the year under review the company bagged a consultancy project for providing services in relation to the Mass Rapid Transit System for Delhi Government.During the year 1998-99 the company entered into a contract with Delhi Metro - Phase I project for providing construction management and consultancy services to Delhi Metro Rail Corporation Limited. The name of the company was changed to its present name `RITES Limited' on March 28 2000.During the year 2004-05 the company bagged an order to provide design consultancy services for the 12.5 km long railway tunnel in India the Pir- Panjal railway tunnel.During the year 2005-06 RITES Limited was granted Mini Ratna category-I status. During the year under review the company executed its first overseas contract agreement for the lease of Locomotives in Mozambique. During the year under review the company's proposal for providing design construction supervision and post construction services for Francistown-Ramakgwebana Road project Botswana was accepted.During the year 2007-08 RITES Limited was upgraded to Schedule `A' Public Sector Enterprise. The company was converted into a public limited company on February 5 2008.During the 2009-10 the company formed a Joint Venture Company (JVC) with SAIL for manufacturing of wagons including high end specialized wagons for Indian Railways and other domestic and overseas customers. During the year 2012-13 the company formed a subsidiary in collaboration with Indian Railways for generation and procurement of power including through renewable energy.In 2016-17 the company entered into an agreement with Metro Express Limited for providing construction management services for the Metro Express Project in Mauritius. During the year under review the company bagged off-shore construction management project of metro in Mauritius. During the year under review the company entered into railway concessioning agreement on PPP model by forming an SPV for Bhuj-Naliya corridor. During the year under review the company secured highest value export order of about Rs 680 crore from Sri Lankan Railways for supply of locomotives and DMUs. During the year 2016-17 the company recorded higher ever revenue of over Rs 1500 crore in the history of the company.The Government of India offloaded 2.52 crore equity shares of RITES Limited via an initial public offer (IPO) during the period from 20 June 2018 to 22 June 2018. There was no fresh issue of shares from the company. The IPO was priced at Rs 185 per share. The shares were listed on the bourses on 2 July 2018. After the successful completion of the IPO the Government of India's stake in RITES Limited came down to 87.38% from 100%.On 25 September 2018 RITES Limited informed the stock exchanges that it has remitted second tranche of investment for an amount of Rs 24.70 lakh on 24 September 2018 to subscribe to the right issue of its joint venture company BNV Gujarat Rail Private Limited. Earlier the Board of RITES Limited at its meeting held on 16 September 2016 had approved investment upto Rs 65 crore in the equity shares of the joint venture company to acquire its 26% stake. First tranche of investment of Rs 1.30 lakh was made in the joint venture company on 20 February 2017.