RITES Ltd Shares Rise 1.05% Ahead of November 6 Board Meeting to Consider Q2 Results and Interim Dividend

RITES Ltd, a mid-cap Navratna PSU, saw its shares rise by 1.05% today on the BSE, closing at ₹308.50 per share. This increase comes ahead of an important Board of Directors meeting scheduled for November 6, 2024. During this meeting, the company will review and approve its standalone and consolidated unaudited financial results for the quarter and half-year ending September 30, 2024. Additionally, the Board may declare a second interim dividend for FY 2024-25. The company has set November 15, 2024, as the record date for the potential dividend, should it be approved.

Recent Highlights:

• Bonus Shares and Dividends: RITES announced a 1:1 bonus share issue on July 31, 2024, and declared a dividend of ₹5 per share on May 28, 2024. The shares traded ex-bonus and ex-dividend on September 20, 2024.
• Stock Performance: Over the past three months, RITES shares have declined by 16.99%, but they have shown a strong 23% gain over the last year, with impressive multibagger returns of 117% over three years. The company’s market capitalization currently stands at ₹14,826.63 crore.
• 52-Week Range: The stock reached a 52-week high of ₹413.08 on February 27, 2024, and a low of ₹216.33 on October 26, 2023. Over the last five years, RITES shares have delivered a robust return of 135%.

Dividend and Bonus Details:

• On May 28, 2024, RITES recommended a dividend of ₹5 per share (50%) on 24,03,01,887 equity shares with a face value of ₹10 each, subject to shareholder approval in the 50th Annual General Meeting.
• The company fixed September 20, 2024, as the record date for the 1:1 bonus issue.

Company Overview:

RITES Ltd, a prominent player in India’s transport consultancy and engineering sector, has a diversified portfolio and extensive global reach. With nearly five decades of experience, the company has executed projects in over 55 countries across Asia, Africa, Latin America, South America, and the Middle East.

Disclaimer: The information provided in this article is for informational purposes only and should not be considered financial advice. Stock market investments are subject to market risks, and past performance is not indicative of future results. Always conduct thorough research or consult with a financial advisor before making any investment decisions. The data mentioned, including stock prices and dividend announcements, is subject to change. Neither the author nor the publisher is responsible for any losses or gains arising from investments based on the information provided.