RITES Ltd’s shares soars over 6% as Railway PSU bags two major orders
RITES stock surges over 6% after securing export order for ALCO locomotives and a railway station redevelopment project in India.
RITES bags orders for African locomotives and Tumakuru station redevelopment, boosting stock
Shares of Railway public sector firm RITES Ltd are exceptionally surged over by 6.11% as the company has announced that it has received two major significant work orders. The stock opened today at Rs 285.00 and reaches the intraday high of Rs 299.80 in Wednesday’s session.
Transport consultancy and Engineering services provider, RITES Ltd has received the Purchase Order from African Rail Company for supply of two fully overhauled ALCO locomotives for deployment in Zimbabwe, Mozambique and Botswana.
The cost of the work order is USD 3.6 million (CIF). The time period needed to execute the order is 9 months.
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The significant order consists of supply and commissioning of the overhauled in-service Cape Gauge ALCO Diesel Electric Locomotives fitted with new Cape Gauge Bogies, Traction Motors, Control System, Air braked, etc. overhauled at nominated facility and warranty support with the deputation of RITES technical team.
In a separate filing, the company has informed that RITES-Aryan JV Joint Venture has received the LOA from South Western Railway for “Tumakuru Station Redevelopment Engineering, Procurement and Construction Agreement for Tumakuru Station Redevelopment including Civil Works, Signal and Telecommunication works and Electrical General Services at Tumakuru Station.
In terms of cost of the project, RITES share is Rs. 37.81 Crore excluding GST and the time needed to execute the order is 540 days from the appointed date as per Agreement.
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