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Rites shares advanced 12.6 per cent in trade on Monday and logged an intraday high of Rs 310 per share on BSE. The demand for the stock came after the company received revised estimates for electrification work at Lumding - Badarpur section from Rs 531.77 crore from Rs 288.44 crore.
Around 11:15 AM, Rites' share price was up 8.65 percent at Rs 299 per share on BSE. In comparison, the BSE Sensex was up 1.66 per cent at 80,426.74. The market capitalisation of the company stood at Rs 14,295.56 crore. The 52-week high of the company was at Rs 413.08 per share and the 52-week low was at Rs 231 per share.
"We are pleased to inform you that Rites has received revised estimates for Railway Electrification work of LMG-BPB Section of Lumding Division, N.F Railway on November 21, 2024, from Northeast Frontier Railway," the filing read.
The major order for electrification of Lumding - Badarpur section was received by the company in June 2021 and was priced at Rs 288.44 crore which is now revised.
At the same time, the company had received an order for electrification work of Mysore -Hassan -Manglore and Hassan-arsikere section along with Kadur- Chikmaglur section.
Rites is a public sector enterprise under the Ministry of Railways, established in 1974. It is a leading player in the field of transport infrastructure, providing consultancy, design, and engineering services across various sectors, including railways, highways, urban transport, and airports.
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Initially focused on the railway sector, Rites has diversified its offerings to include complete solutions for transportation projects, such as project management, feasibility studies, system integration, and rolling stock manufacturing. The company also provides services in areas like power, water, and environment.
The company has a significant presence not only in India but also internationally, with projects in over 55 countries. Known for its technical expertise, it contributes to the development of robust and sustainable infrastructure, promoting growth and connectivity in both domestic and global markets.
In the past one year, Rites shares have gained 17.2 per cent against Sensex's rise of 20 per cent.
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