Rites rallied 4.18% to Rs 221.70 after the company announced that it has received a letter of acceptance (LoA) worth Rs 27.96 crore from South Central Railway for high-speed rail corridor survey.
The LoA includes carrying out final location survey, which involves preparing the detailed project report (DPR), final alignment design, traffic survey report, rate of return (ROR) calculations, detailed estimates, and the preparation of EPC documents for the High-Speed Elevated Rail Corridor between Hyderabad-Bengaluru and Hyderabad-Chennai, using modern survey techniques such as Airborne and Terrestrial LIDAR.The value of the order is Rs 27.96 crore, and it is scheduled to be completed within eight months.
The official announcement was made on Thursday, 06 March 2025, after market hours.
RITES, a Miniratna (Category-I) Schedule 'A' public sector enterprise, is a leading player in the transport consultancy and engineering sector in India, having diversified services and geographical reach. As of 31st December 2024, the Government of India held a 72.20% stake in the company.
The companys consolidated net profit declined 16.7% to Rs 100.09 crore in Q3 FY25 as compared with Rs 120.14 crore in Q3 FY24. Net sales declined 15.7% to Rs 575.76 crore during the quarter.
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