RITES bags order of Rs 749 crore from Ministry of Railways

RITES Limited announced on Monday after the market hours that it has received a work order from Railway Board, Ministry of Railways for railway electrification works on a turnkey basis. The cost of the project is Rs 749.67 crore.  

The company has also received additional work of consultancy services (PMC) for the extension of the mainline from Rose Hill to Reduit through Ebene from Metro Express Limited, Mauritius for an additional fee of Rs 45 crore approx.  

Reacting to this, the company’s stock today increased by 2.35 per cent and made an intraday high of Rs 283 per share.  

RITES is a Miniratna public sector enterprise and a leading player in the transport consultancy and engineering sector in India. The company has diversified services and geographical reach. As of March 31, 2021, the Government of India held a 72.2 per cent stake in the company. 

According to BSE data, the stock traded at a P/E multiple of 15.66 and a price-to-book ratio of 2.86. The stock has a 52-week high and a 52-week low of Rs 292.90 and Rs 232.40, respectively.  

At 12.20 pm, the stock of the company was trading at Rs 277.90, up by 0.51 per cent on BSE.