1:1 Bonus Share & Rs 6,355 Crore Order Book: Railway Civil Construction Company & SAIL-BSL sign MoU for consultancy works
The stock has a 52-week high of Rs 413.08 & a 52-week low of Rs 216.33 and has been maintaining a healthy dividend payout of 88.3 per cent.
RITES Ltd, a prime transport infrastructure consultancy, signed a Memorandum of Understanding (MoU) with SAIL-Bokaro Steel Plant (SAIL-BSL), under the Ministry of Steel, to collaborate for project management consultancy for rail connectivity works involving both existing and new railway tracks across various sites within the Bokaro Steel Plant in Jharkhand. Under the MoU, RITES will provide comprehensive services, including surveying, engineering, project monitoring, supervision and quality control.
Earlier, the company emerged as the lowest bidder (L1) for a contract from the Uttar Pradesh State Bridge Corporation Limited (UPSCBL). The company has been awarded consultancy services for construction supervision of civil works (CSC) for various bridge and road infrastructure projects across Uttar Pradesh. This 36-month contract, valued at Rs 59.13 crore (excluding GST), entails overseeing construction, monitoring quality, ensuring safety, and providing technical expertise for the construction of bridges, rail over/under bridges, flyovers, and elevated roads, including their approach roads. This achievement underscores RITES's strong position in the Indian infrastructure sector and its commitment to delivering high-quality consultancy services.
Furthermore, the shares of the company ex-traded 1:1 bonus equity share as of Friday, September 20, 2024.
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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.RITES demonstrated its resilience by maintaining a robust order book. The company successfully secured 84 orders worth over Rs 1,336 crore during the quarter, bolstering its overall order book to Rs 6,355 crore.
The stock has a 52-week high of Rs 413.08 & a 52-week low of Rs 216.33 and has been maintaining a healthy dividend payout of 88.3 per cent. The stock has an ROE of 18 per cent and an ROCE of 25 per cent. Investors should keep a close eye on this railway civil construction stock under the radar.
Disclaimer: The article is for inform
ational purposes only and not investment advice.