RITES shares zoom after engineering consultancy firm gets railway contract from Bangladesh
RITES, the export arm of Indian Railways, won an order worth $111.26 million (around Rs 915 crore) from South-Eastern Railways on Monday, May 20, according to a stock market disclosure. This order is to be completed in 3 years. This follows a warranty of 24 months.
Shares of RITES Ltd (NSE: RITES) zoomed in early trade on Tuesday, May 21, on the back of signing contract of Rs 915 crore. The stock rose as much as six per cent to the day's high of Rs 756.9 on BSE in early morning deals.
RITES has been an old partner in Bangladesh's path to infrastructure development.
At 12.36 PM, shares of RITES were trading at Rs 744 each, up 3.79 per cent on BSE.
The market last opened in a special session on Saturday when the RVNL stock closed trading at Rs 715.95 apiece.
RVNL's contract with Bangladesh Railway
RITES, the export arm of Indian Railways, won an order worth $111.26 million (around Rs 915 crore) from South-Eastern Railways on Monday, May 20, according to a stock market disclosure. This order is to be completed in 3 years. This follows a warranty of 24 months.
The order includes design, spare parts support, and training.
The deal is in line with the vision of 'Make in India, for the World'.
Earlier, RVNL had supplied 120 BG Passenger Coaches (LHB type), 36 BG locomotives, and 10 Meter Gauge locomotives to Bangladesh Railways, besides collaborating on other infrastructure projects.
The company has experience spanning over five decades and has undertaken projects in over 55 countries in Asia, Africa, Latin America, South America, and the Middle East region.
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