This mid-cap company secures new orders worth Rs 148 crore and Rs 65 crore!

The stock has a PE multiple of 14.5 and an ROE of 21.1 per cent.

RITES Ltd has informed both the exchanges (NSE & BSE) that the company has received 2 orders from Jaipur, Rajasthan and Maneshwar, Odisha. 

Order No - 1: The company has secured a business of third-party inspection for the works under Jal Jeevan Mission (JJM), Rajasthan. The estimated cost of work for large projects in the aforementioned locations is approximately Rs 11,209 crore, of which RITES' fees in the work order cost of JJM works in these regions is 1.32 per cent or approximately Rs 148 crore. 

Order No – 2: Ministry of Railways vide its letter dated 10.02.2023 has granted an additional work of Rs 65 crore to RITES on a turnkey basis for its project of “Maneswar – Freight train maintenance facilities with routine overhauling facility for freight wagons. 

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). 

Today, shares of RITES Ltd surged 2.11 per cent to Rs 337 per share from its previous closing of Rs 330.05.  The company reported excellent numbers in both Quarterly Results and annual results. The stock has a PE multiple of 14.5 and an ROE of 21.1 per cent. Investors should keep a close eye on this Mid-Cap stock.