Rs 5,690 crore order book: This multibagger railway civil construction company bags new order worth Rs 26.97 crore from Karnataka Mining Environment Restoration Corporation
The stock gave multibagger returns of 200 per cent in just 2 years whereas BSE Sensex Index is up by 50 per cent.
RITES Ltd has been awarded a contract worth Rs 26.79 crore (plus GST) by the Karnataka Mining Environment Restoration Corporation to provide total project management consultancy services for the construction of railway private freight terminals (PFTs) in Dharmapura and Susheel Nagar, located in the Bellary District under CEPMIZ regulations. This 24-month project will involve RITES Ltd overseeing all aspects of the construction process, from signing the contract to managing the handover of a fully prepared construction site.
In a previous agreement, RITES signed a Memorandum of Understanding (MoU) with Damodar Valley Corporation (DVC), a government organization under the Ministry of Power, to provide comprehensive maintenance and manage the operations of various railway infrastructure elements. This includes railway sidings, signalling and telecommunication (S&T) systems, and 25KV Overhead Electrification (OHE) isolators across DVC's private railway network spanning West Bengal and Jharkhand. The specific tasks RITES will handle involve Annual Maintenance Contracts (AMC) for the railway sidings, operation and maintenance of the S&T systems, and operating of the 25KV OHE isolators.
Also Read: 1:1 Bonus Share: LIC-backed multibagger penny stock at Rs 4.07; Board allots 15,36,24,538 fully paid-up rights equity shares
About Rites Ltd
Established in 1974, RITES Limited is a leading public sector player in India's transport consultancy and engineering, offering diversified services from locomotive and train manufacturing to consultancy, exports, leasing and turnkey projects across railways, metros, airports, ports, highways, ropeways and urban infrastructure. As India's export arm for rolling stock (except Thailand, Malaysia, and Indonesia), it boasts expertise in various gauges and caters to diverse transportation needs.
As of March 31, 2023, the company's order book amounted to Rs 5,690 crore. As of March 2024, FIIs have increased their stake to 4.17 per cent compared to 3.37 per cent in March 2023. The stock has a 52-week high of Rs 826.15 and a 52-week low of Rs 365. The company reported excellent numbers in both Quarterly Results & annual results and has been maintaining a healthy dividend payout of 80.8 per cent.
The stock has an ROE of 18 per cent and an ROCE of 25 per cent. The stock gave multibagger returns of 200 per cent in just 2 years whereas BSE Sensex Index is up by 50 per cent. Investors should keep a close eye on this railway civil construction stock under the radar.
Disclaimer: The article is for informational purposes only and not investment advice.
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