Shares of RITES rose 9% to Rs 376.80 in intraday trade on Thursday after the company announced that it has bagged a new business order from Bangalore Metro Rail Corporation Limited for the construction of a depot-cum-sex worth Rs 499.41 crore. was raised. . The share of RITES in the order is 51 percent.
Shares of the state-owned engineering, design and construction company hit a record high of Rs 379.90 on October 10. It has gained 26 percent in the past one month compared to a 5 percent decline in the S&P BSE Sensex. .
RITES provides design, engineering, consulting and project management for the transport infrastructure sector. REMC, a subsidiary of RITES, is involved in power management and generation. The company is mandated to undertake entire energy procurement under open permit for Indian Railways, apart from considering renewable energy and energy efficiency projects.
On August 26, RITES with JV partner Southern Railway secured a new business order from Ernakulam, Kerala for redevelopment of Kollam Railway Station worth Rs 361.18 crore. The stake of RITES Limited in the order is 51 percent.
As the government continues to inaugurate projects under the National Infrastructure Pipeline, Gati Shakti Mission, National Monetization Pipeline, National Railway Plan and other progressive flagship schemes, RITES has extensive consulting experience, pragmatic interventions and a multifaceted approach. fully adapted to take advantage of such opportunities.
“There is also a growing drive to expand and modernize infrastructure, including rail and road networks, light rail systems (metro), and multimodal transport networks in several countries where RITES has business interests. and ensure timely movement of goods and passengers. “It will lend credence to the Atmanirbhar Bharat vision by providing technical consultancy and rolling stock (indigenously developed and customized offerings) to export to these countries,” the company said.
In its FY22 Annual Report, RITES identified a dynamic national infrastructure pipeline and an increase in projects worth about Rs 142 trillion under the National Railway Plan, which envisages over 35 percent expansion of rail infrastructure by FY 2029-30. said that the pace is expected to continue. In the 2022-23 budget, infrastructure spending is expected to exceed Rs 10 trillion in annual growth in capital expenditure (capex).