RITES secures work order amounting to Rs 99.94 crore

On Thursday, Rites announced that it had secured a major work from the Government of Bangladesh, amounting to US$14.01 million or Rs 99.94 crore. The order was received for the project management consultancy for the four-laning of the National Highway in Bangladesh.

RITES is a leading partner in the joint venture (JV) arrangement for this project and will receive US$10.88 million or Rs 77.57 crore, inclusive of taxes, out of the total consultancy fee.

Rites Limited is an engineering and consultancy company, offering transport infrastructure consultancy, engineering, and project management services. Apart from these, the company provides consultancy in transport infrastructure and rehabilitation, operation, and maintenance of railway systems as well. Moreover, it is also engaged in the business of generating power from windmills and solar energy plants and provides project management consultancy, inspection, and quality assurance services.

On Thursday, the stock closed at Rs 300.45, up by 2.07 per cent or Rs 6.10 per share. The 52-week high is recorded at Rs 324.80 and the 52-week low is recorded at Rs 160.48.