RITES Consortium Wins ₹87.58 Crore DMRC Retrofit Tender

27 Sep 2024 , 02:59 PM

RITES Ltd. announced that its consortium has secured the lowest bid for a tender from Delhi Metro Rail Corporation (DMRC) valued at ₹87.58 Crore. The tender involves “Retrofit Work in RS-1 Trains of DMRC,” as stated in an exchange filing by RITES.

RITES holds a 49% share of the total tender, amounting to approximately ₹42.91 Crore, inclusive of goods and services tax (GST). The bid value is approximately ₹87.58 Crore, with RITES’ share being ₹42.91 Crore, also inclusive of GST.

At the time of writing on September 27, 2024, at 3:56 pm, RITES Ltd stock is trading at ₹362, reflecting a 0.81% gain from the previous closing price. Over the past year, RITES Ltd stock has risen by an impressive 46%, and it has gained 44% since the beginning of the current year.

The consortium is obligated to complete the project within three years from the issuance of the letter of award. Recently, RITES announced a bonus share allotment of 1:1 and a final dividend of ₹5 per share for eligible shareholders.

The state-owned company has seen its stock price increase by over 45% this year, reflecting strong market performance and investor confidence.