RITES trades flat on bagging consultancy order from Haryana Rail Infrastructure Development Corporation

Railway consultancy firm, RITES Limited announced that it has in a consortium, emerged as an L-1 bidder for a general consultancy order from Haryana Rail Infrastructure Development Corporation Limited for their Haryana Orbital Rail Corridor (HORC).  

Haryana Orbital Rail Corridor (HORC) is an electrified broad-gauge double line (about 144 km) from Palwal to Sonipat via Sohna, Manesar and Kharkhoda in the state of Haryana with a speed potential of 160 km per hour. The fee payable to the consortium will be about Rs 61 crore, the company noted in its press release to the exchanges.   

Meanwhile, the company had reported its earnings for the quarter ended December 2020 earlier this week. The total revenue during the quarter under review declined to Rs 480.08 crore as against Rs 663.47 crore in the year-ago period. The company reported a 30 per cent decline in its consolidated net profit at Rs 105.31 crore for the quarter ended December 31, 2020. It had posted a profit of Rs 150.05 crore in the year-ago period.  

At 3.22 pm, the stock of RITES Ltd was trading at Rs 240.60, down by 0.21 per cent against its previous close of Rs 241.10 on BSE. Its 52-week high and 52-week low is Rs 328.50 and Rs 191.00, respectively.