RITES Stock Hits 52-Week High on Rs 500 Crore Order from Mozambique

24 Jul 2023 , 02:26 PM

RITES witnessed a surge in its stock price, reaching a 52-week high of Rs 496.70 on July 24. The boost in share value came in the afternoon after the company secured a significant order worth Rs 500 crore from Mozambique.

RITES emerged as the lowest bidder in the tenders for the procurement of locomotives and wagons by CFM, Mozambique, paving the way for the lucrative order.

The recently bagged order includes the supply of 10 locomotives and 150 wagons to CFM, Mozambique, for a total value of Rs 500 crore
RITES has scheduled a board of directors’ meeting on July 28, 2023. During the meeting, the board will discuss, approve, and record the standalone and consolidated unaudited financial results for the quarter ended June 30, 2023.

The board may also deliberate on the payment of the first interim dividend for the financial year 2023-2024.

Collaboration with TransNamib Holdings Limited: Notably, earlier this month, RITES signed a significant memorandum of understanding with TransNamib Holdings Limited, Namibia. The MoU aims to facilitate the development of railways and related infrastructure, including the supply of rolling stock.

The recent order from Mozambique has significantly boosted investor confidence in RITES, leading to a surge in its stock price. The company’s continued efforts to expand its global footprint through collaborations and successful bids for large-scale projects are positively impacting its financial performance and overall growth trajectory.

As RITES continues to solidify its presence in the international market, investors eagerly await the upcoming board meeting’s outcomes and the potential for interim dividends, which could further enhance the attractiveness of the stock for shareholders.

For feedback and suggestions, write to us at [e-mail]