Rites Ltd closes nearly 6 per cent higher on bagging order worth Rs 93 crore

Rites Limited has bagged major orders worth Rs 93 crore, approximately. The orders include turnkey order of signalling works from Ministry of Railways amounting to Rs 67.18 crore as well as the extension of general consultancy work for Nagpur Metro rail project. It also consists of GEC positions from Gujarat Metro Rail Corporation, amounting to Rs 26 crore. 

Last month, the company had emerged as an L-1 bidder for a general consultancy order from Haryana Rail Infrastructure Development Corporation Limited for Haryana Orbital Rail Corridor (HORC) worth Rs 61 crore. 

The company’s order book stands at Rs 6,534 crore as on December 31, 2020, which provides revenue visibility for 2-3 years. The management expects to achieve double-digit growth in FY22 and beyond on the back of the emphasis laid on infrastructure development in the Union Budget 2021-22, National Rail Plan and National Infrastructure Pipeline. 

Rites Ltd is a Miniratna (Category-1) Schedule ‘A’ public sector enterprise and a leading player in the transport consultancy & engineering sector in India, having diversified services & geographical reach. It is the only export arm of Indian Railways for providing rolling stock overseas (other than Thailand, Malaysia and Indonesia). 

On Monday at 2.59 pm, the stock of Rites Ltd was trading 7.2 per cent higher at Rs 262.65 from its previous close of Rs 244.90 on BSE. Later, it ended at Rs 259.15, up by 5.82 per cent.