Introduction:
The Indian engineering services firm has emerged as the top bidder for the Palmyra to Moleson Creek Highway upgrade project in Guyana. Valued at USD 9.71 million, the contract spans 60 months for design, build, and finance services.
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Share price movement of RITES:
On December 9, 2024, RITES Ltd opened at ₹304.35, up 2.84% from its previous close of ₹296.00. The stock reached a high of ₹309.85 and a low of ₹302.15. By 10:09 AM, it traded at ₹304.40 with a market cap of ₹14,629.58 crore.
RITES wins international highway contract:
RITES Limited has been declared the top scorer (H-1 bidder) for the provision of engineering services for upgrading the Palmyra to Moleson Creek Highway, as per the evaluation by the Ministry of Public Works, Government of the Co-operative Republic of Guyana.
The contract, worth approximately ₹80.5 crore (USD 9.71 million), involves a total execution period of 60 months. This includes a 36-month pre-construction and construction phase, followed by a 24-month post-construction defect liability period. The Letter of Acceptance is yet to be issued by the client.
This international contract is not linked to any related party transactions, and RITES Limited does not have any interest in the entity awarding the order. The contract is part of RITES’ expansion into international markets, further strengthening its global presence.
Recent news on RITES:
As of December 06, 2024, RITES secured a ₹148.25 crore contract as project management consultant for the IIM Raipur Phase II campus. The project, to be completed in 23 months, led to a 4.3% increase in RITES shares.
Stock performance of RITES for Period of 1 week, 6 months and 1 year:
RITES Limited stock has shown a positive return of 5.32% over the past week. However, it has declined by 13.0% over the last six months. Despite this, the stock has gained 24.4% over the past year.
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Shareholding pattern of RITES:
| Shareholders | Sep 2024 | Jun 2024 | Mar 2024 |
| Promoter | 72.20% | 72.20% | 72.20% |
| FII | 3.20% | 2.70% | 3.50% |
| DII | 9.60% | 9.60% | 10.80% |
| Public | 15.00% | 15.40% | 13.50% |
About RITES:
RITES Limited (NSE: RITES) was established in 1974 and is a key player in India’s transport consultancy and engineering sector. The company offers diverse services and is the sole export arm of Indian Railways for rolling stock, excluding select countries.
Disclaimer: The above article is written for educational purposes, and the companies’ data mentioned in the article may change with respect to time The securities quoted are exemplary and are not recommendatory.
