RITES Ltd gains after emerging as successful bidder

The shares of RITES Ltd opened with gains of nearly two per cent on BSE, post emerging as a successful bidder for locomotive supply. The company reported the development in stock exchange filing on Friday, after market hours.

The company in its press release said that it has emerged as a successful bidder for supply of locomotives, coaches and Diesel Electric Multiple Units (DEMUs) to a Cape Gauge country. The company had submitted price bid for the contract amount of around Rs 680 crore, for which, discussion on contract-related documents is expected to conclude very soon. The locomotives, coaches and DEMUs are supposed to be manufactured at a production unit of Indian Railways. The company is a nominated agency of Indian Railways for such exports.

RITES Ltd, a Government of India enterprise, is engaged in the consultancy of transport, infrastructure and related technologies. It also provides a range of services as a one-stop shot solution and believes in the transfer of technology to client organisations.

As of 10.51 am on Monday, the stock traded at Rs 321.90 per share, higher by 1.16 per cent on BSE.