RITES shares soar to record high after company wins Rs 414-crore order from IIT Bhubaneswar

RITES Ltd shares scaled an all-time high on Saturday after the company bagged an order worth Rs 414 crore from IIT Bhubaneswar.

The stock of RITES, an engineering and consultancy company, jumped by as much as Rs 104.2, or 18.8 per cent, to Rs 657.9 apiece on BSE, surpassing a peak of Rs 583.5 apiece registered in September last year.

At 2 pm, the stock held on to much of its intraday spike, with a gain of 16.6 per cent at Rs 645.5 apiece on BSE.

In a regulatory filing during market hours on Saturday, the company said it emerged the top scorer (H1) bidder for the construction of various infrastructure works at IIT Bhubaneswar in engineering, procurement and construction (EPC) mode.

It said the project cost was estimated at Rs 414 crore excluding GST.

What does RITES do?

RITES Ltd is a Navaratna central public sector organisation under the Railways Ministry. It is a multidisciplinary engineering and consulting firm that offers a full range of services in all aspects of transportation infrastructure and related technologies including design and commissioning, according to its website.

RITES shares: Past performance

The RITES stock has rewarded investors with a return of 87 per cent in the past year, sharply outperforming a 20 per cent gain in the headline Nifty50 index.

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