RITES Ltd, a Navratna public sector enterprise specializing in transport consultancy and engineering, has secured a new order from the Andhra Pradesh Power Generation Corporation. This project involves constructing a bypass line to connect the RTPP yard to Kalamalla Railway Station. Initially awarded on a Project Management Consultancy (PMC) basis, the contract has now been upgraded to a turnkey project worth ₹53.5 crore (excluding GST), including the PMC fee. The project is expected to be completed within 18 months.
RITES shares, currently trading at ₹302.80 on the BSE, have seen a sharp decline of over 17% in the last three months. Despite this, the company boasts a market capitalization of ₹14,552.68 crore. Year-to-date, the stock has gained 21% and has surged 111% over the past three years. Earlier in 2024, RITES rewarded its shareholders with a 1:1 bonus share issue and a dividend of ₹5 per share.
The company has announced a Board meeting scheduled for November 6, 2024, to review and approve its standalone and consolidated unaudited financial results for the quarter and half-year ending on September 30, 2024. The Board may also consider declaring a second interim dividend for FY 2024-25, with the record date for the dividend payment set as November 15, 2024.
RITES Ltd shares have exhibited mixed performance recently. They have dropped 7% over the past six months but gained 20% over the last year. Over a two-year period, the stock has jumped 57%, and over five years, it has provided a return of 127%. The company’s 52-week high on the BSE was ₹413.08 per share (on February 27, 2024), while the 52-week low was ₹216.33 per share (on October 26, 2023).
RITES, with over 49 years of experience, has expanded its operations to more than 55 countries across Asia, Africa, Latin America, South America, and the Middle East, cementing its status as a leading player in the sector.
Disclaimer: The information provided is for general informational purposes only and should not be considered as financial or investment advice. While efforts have been made to ensure the accuracy and reliability of the data, market conditions and stock performances may vary. Investors are encouraged to conduct their own research or consult with a qualified financial advisor before making any investment decisions. Past performance is not indicative of future results. The inclusion of stock prices, market capitalization, and company announcements is based on publicly available information at the time of writing and may be subject to change.
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