Rs 5,702 crore order book: This civil construction company signs MoU with CARE Advisory Research and Training Ltd!
The stock is up by 52 per cent in just 1 year and over 80 per cent in 2 years.
RITES Limited, a leading transport infrastructure consultancy and engineering company, signed a Memorandum of Understanding (MoU) with CARE Advisory Research and Training Ltd. (CART), a subsidiary of CARE Ratings Limited, to explore avenues of mutual collaboration in the consultancy domain, including ESG services, across sectors.
As part of the MoU, both entities will also collaborate to provide ESG consultancy services, including ESG Assessment, Gap Analysis, ESG Due Diligence, ESG Policy Development and Roadmap as well as ESG/Compliance reporting across sectors. The companies will jointly develop a go-to-market strategy to work proactively and bring in best practices by leveraging each other’s strengths to optimise operations.
Earlier, the company signed an MoU with Caminho De Ferro De Mocamedes (CFM) Angola for cooperation in the development of Railways and related infrastructure, including the supply of rolling stock. As part of the MoU, RITES and CFM Angola will collaborate in areas such as the supply of rolling stock, railway infrastructure projects, repairing of rolling stock, operations and maintenance of railway infrastructure, information technology services, technical maintenance and master planning and more.
As of June 30, 2023, the company's order book amounted to Rs 5,702 crore. The company secured more than 70+ orders worth Rs 300+ crore.
On Friday, shares of Rites Ltd surged 0.75 per cent to Rs 492 per share with an intraday high of Rs 499.05 and an intraday low of Rs 485. The stock has a 52-week high of Rs 583.45 and a 52-week low of Rs 281.85.
The company reported excellent numbers in both Quarterly Results and annual results. The stock has an ROE of 21.3 per cent and an ROCE of 30 per cent. The stock is up by 52 per cent in just 1 year and over 80 per cent in 2 years. Investors should keep a close eye on this civil construction stock under the radar.
Disclaimer: The article is for informational purposes only and not investment advice.
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