Rites bags work order worth Rs 67.79 crore from National High Speed Rail Corporation

Rites Limited today announced that it has received a work order from National High Speed Rail Corporation for the establishment & maintenance of continuously operating reference stations (CORS) along with 487 km long Mumbai-Ahmedabad high-speed rail corridor, excluding 21 km undersea tunnel. The said contract is for a period of 6 years and the fees for the work charged by the company would be Rs 67.79 crore. 

Reacting to this, the stock of Rites today jumped 1.78 per cent and made an intraday high of Rs 273.80 per share. 

The company reported a net profit of Rs 131.07 crore in Q2FY21, a decrease of 44.42 per cent. It had reported a profit of Rs 235.83 crore in Q2FY20. The company reported net sales of Rs 438.91 crore for Q2FY21, a decrease of 41.18 per cent as against the net sales of Rs 746.24 crore for Q2FY20. 

Rites Ltd is a miniratna public sector enterprise. It is a leading player in the transport consultancy and engineering sector in India, having diversified services and geographical reach. 

According to BSE data, the stock traded at a P/E multiple of 13.99 and a price-to-book ratio of 2.47. The stock has a 52-week high and a 52-week low of Rs 331 and Rs 191, respectively. 

At the time of market closing, the stock of Rites Ltd was trading at Rs 267.95, down by 0.39 per cent on BSE.