RITES shares jump 3% after company bags $3.6 million order from African Rail Company
RITES shares rose nearly 3% in morning trade after the company bagged a new international contract worth $3.6 million from the African Rail Company. As of 9:17 AM, the shares were trading 3.71% higher at Rs 289.40.
The order involves supplying and commissioning two fully overhauled ALCO diesel-electric locomotives built to Cape Gauge specifications. These locomotives will be deployed across Zimbabwe, Mozambique, and Botswana—expanding RITES' global footprint in railway solutions.
As part of the project, RITES will carry out a comprehensive refurbishment of the locomotives. The upgrade includes new bogies, traction motors, control systems, and air brake systems. The overhauling work will be executed at a designated RITES facility.
The company will also provide on-site technical support for commissioning and warranty-related services, ensuring smooth operational deployment for the client. The entire project is expected to be completed within nine months.
Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information.
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Aman Shukla is a post-graduate in mass communication . A media enthusiast who has a strong hold on communication ,content writing and copy writing. Aman is currently working as journalist at BusinessUpturn.com
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