RITES rises after bagging orders

RITES gained 1.68% to Rs 275.05 after the EPC company secured two major orders worth Rs 749.67 crore from Ministry of Railways.

Jun 28, 2021 01:06 IST capital market

The company bagged railway electrification work order on turnkey basis from Ministry of Railways. The electrification work is between Mysore - Hassan - Manglore worth Rs 461.23 crore. The second project is between Lumding ? Badarpur worth Rs 288.44 crore.

RITES is a Miniratna (Category - I) Schedule A Public Sector Enterprise and a leading player in the transport consultancy and engineering sector in India, having diversified services and geographical reach. As of 31 March 2021, the Government of India held 72.2% stake in the company.

On a consolidated basis, RITES posted a 1.65% decline in net profit to Rs 141.55 crore on 11.4% rise in revenue from operations to Rs 635.87 crore in Q4 FY21 over Q4 FY20.

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