RITES Ltd, a mid-cap Navratna PSU, received a new order from the Andhra Pradesh Power Generation Corporation on October 19, 2024. This order involves the construction of a bypass line connecting the RTPP yard to Kalamalla Railway Station, which has now been converted from a Project Management Consultancy (PMC) basis to a turnkey contract. The order is valued at Rs 53.5 crore, excluding GST, and must be completed within 18 months.
As of the last trading session, RITES shares were priced at Rs 302.80 on the BSE, although the stock has seen a steep decline of over 17% in the past three months. The company’s market capitalization stands at Rs 14,552.68 crore. However, RITES shares have performed well year-to-date, rising 21%, and have surged by 111% over the last three years. Earlier this year, the company rewarded its shareholders with a 1:1 bonus share and a dividend of Rs 5 per share.
Additionally, RITES is scheduled to hold a Board meeting on November 6, 2024, to discuss and approve the standalone and consolidated unaudited financial results for the quarter and half-year ending September 30, 2024. During this meeting, the Board may also consider declaring a second interim dividend for the fiscal year 2024-25, with November 15, 2024, set as the record date for this potential payout.
In terms of stock performance, RITES shares have a 52-week high of Rs 413.08 (recorded on February 27, 2024) and a 52-week low of Rs 216.33 (on October 26, 2023). The shares have experienced a 7% decline in the last six months, gained 20% over the past year, and increased by 57% over the last two years, with an impressive 127% return over the last five years.
RITES Limited is a leading player in the transport consultancy and engineering sector in India, boasting nearly 50 years of experience and projects in over 55 countries across Asia, Africa, Latin America, South America, and the Middle East.
Disclaimer: This information is provided for informational purposes only and should not be construed as financial advice. The performance of RITES Ltd shares and any associated financial metrics mentioned herein are subject to market risks and fluctuations. Investors are advised to conduct their own research or consult with a qualified financial advisor before making any investment decisions. The author does not bear any responsibility for the outcomes of any investments made based on this information.
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