Introduction:
Top railway company has secured a ₹69.78 crore contract for repairing 43 WDS6 locomotives over three years. Additionally, its subsidiary has partnered with Indian Railway Finance Corporation to explore financing options for thermal, nuclear, and renewable power projects.
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Share price movement of RITES:
On January 3, 2025, RITES Ltd opened at ₹300.00, up 2.41% from its previous close of ₹292.95. The stock reached a high of ₹304.75 (4.04%) and a low of ₹297.85. By 11:43 AM, it traded at ₹298.85, a 2.01% increase, with a market cap of ₹14,362.84 crore.
RITES Secures Order from SAIL and Partners with IRFC:
RITES Limited has secured a major contract from Steel Authority of India Limited to repair 43 WDS6 Locomotives for three years, worth ₹69.78 crores, excluding GST. This order strengthens RITES’ domestic presence in locomotive repair services.
In a separate development, REMC Ltd., a subsidiary of RITES, has partnered with Indian Railway Finance Corporation (IRFC) Limited to explore financing options for power projects. The collaboration will focus on thermal, nuclear, and renewable energy projects with ties to Indian Railways, excluding REMC’s projects.
This strategic partnership will also involve transaction advisory, project management, and consultancy services, aimed at enhancing the power supply to Indian Railways. Both companies will leverage their strengths in ensuring seamless project execution, benefiting from mutual expertise in financing and project management.
Recent news on RITES:
As of December 09, 2024, RITES secured a $9.71 million order from the Ministry of Public Works, Government of the Co-operative Republic of Guyana, for upgrading the Palmyra to Moleson Creek Highway. The project will span 60 months.
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Stock performance of RITES for Period of 1 week, 6 months and 1 year:
RITES Ltd has experienced a 4.66% return over the past week, indicating recent positive performance. However, the stock has seen a 23.2% decline over the past six months, though it has grown by 13.2% over the past year, reflecting mixed long-term performance.
Shareholding pattern of RITES:
| All values in % | Sep 2024 | Jun 2024 | Mar 2024 |
| Promoter | 72.20% | 72.20% | 72.20% |
| FII | 3.20% | 4% | 4.20% |
| DII | 9.60% | 10.80% | 11.10% |
| Public | 15.00% | 13.50% | 12.50% |
About RITES:
RITES Ltd (NSE: RITES) is a multidisciplinary engineering consultancy providing services in railways, highways, airports, ports, and urban transport, including project management, quality assurance, operations, maintenance, and turnkey solutions in India and abroad.
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.
