Navratna Engineering firm, RITES shares gains 4%, secures locomotive repair contract from SAIL
The Bhilai Steel Plant, owned by SAIL, has awarded RITES the task of repairing 43 units of WDS6 locomotives under the “R3Y/R6Y Repair of WDS6 Locomotives” project.
Navratna Engineering firm, RITES shares gains 4, secures locomotive repair contract from SAIL
Engineering Consultancy Firm, RITES Ltd, a Navratna Central Public Sector Enterprise under the Ministry of Railways, has bagged a significant contract from the Steel Authority of India Limited (SAIL), as per an exchange filing dated Thursday, January 2, 2024. Amid bagging the significant contract shares of the company have gained over 4%.
The Bhilai Steel Plant, owned by SAIL, has awarded RITES the task of repairing 43 units of WDS6 locomotives under the “R3Y/R6Y Repair of WDS6 Locomotives” project.
The contract, valued at Rs 69.78 crore (excluding GST), will span three years and involve extensive repairs and maintenance of these integral locomotives. On January 1, 2024, the company disclosed that it had clinched a $9.7 million order for upgrading the Palmyra to Moleson Creek Highway in Guyana, South America.
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On January 2, 2024, its shares closed 0.78% lower at Rs 292.90 on the NSE. Over the last three months, the stock has corrected by over 12%, although it has delivered a one-year return of nearly 17%.
As of September 30, 2024, RITES Limited's order book was Rs 6,581 crore. This was after the company secured more than 90 new orders, including contract extensions, worth more than Rs 729 crore in Q2 FY25.