Rs 5,702 crore order book: This civil construction company signs MoU with NHPC for Rail Infra consultancy works!
The stock is up by 55 per cent in just 6 months and over 80 per cent in 2 years.
RITES Ltd, India’s leading transport infrastructure consultancy and engineering firm, today signed a memorandum of understanding (MoU) with NHPC Limited, a premier hydropower generating company under the Ministry of Power, to collaborate on comprehensive Consultancy services for Rail Infrastructure facilities for NHPC’s hydropower projects.
This collaboration will encompass consultancy services for new rail connectivity, logistics and allied infrastructure, including Rapid Loading Systems (RLS/SILO) and conveyor systems, at Pasighat for NHPC's 2880-MW Dibang Multipurpose Project (MPP) in Arunachal Pradesh.
Mr Pawan Chowdhry, Vertical Head of Rites Ltd, said, “The strategic partnership between RITES and NHPC complements the expertise of both organizations. Leveraging its core strength, RITES, as a Project Management Consultant, will provide comprehensive and efficient solutions for developing Rail Infrastructure and allied facilities for NHPC. We look forward to a long and fruitful association.” RITES and NHPC, with their complementary strengths and expertise, are poised to create a significant impact on the growth of India's infrastructure and energy landscape.”
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 Tuesday, shares of Rites Ltd plunged 0.85 per cent to Rs 473.75 per share from its previous closing of Rs 477.80 per share. The stock has a 52-week high of Rs 509.80 and a 52-week low of Rs 270.25. The shares of the company saw a spurt in volume by more than 2.06 times on BSE.
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With a wide range of services and a national presence, RITES Limited is a public sector company that dominates the Indian engineering and transportation consulting market. The firm is the sole international supplier of rolling stock for Indian Railways (other than Thailand, Malaysia and Indonesia).
The company reported excellent numbers in both Quarterly Results and annual results. The stock has an ROE of 21.3 per cent and a ROCE of 31 per cent. The stock is up by 55 per cent in just 6 months 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.