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Rites share price gains 12% in two days; what's driving investor interest?
At 12:09 PM, Rites shares were trading 4.99 per cent higher at ₹310.15 per share on the BSE. In comparison, the BSE Sensex was up 0.81 per cent at 81,656.47. The market capitalisation of the company stood at ₹14,932.36 crore. The 52-week high of the stock was at ₹398.5 per share and the 52-week low of the stock was at ₹192.3 per share.
In the past one year, Rites shares have lost 3 per cent as compared to Sensex's rise of around 9 per cent.
Why were Rites shares in demand?
On Tuesday, after market hours, the company informed investors that it has emerged a L1 bidder for appointment of TPI agency for water supply scheme, underground drainage and sewage treatment plant projects for urban local bodies of Gujarat.
The order was worth ₹28.5 crore (exclusive of GST) and has to be executed within 60 months. The order is subject to award after the due process of scrutiny and overall evaluation (technical and financial) by the Gujarat Urban Development Company as per the requisite requirements mentioned in the tender documents.
"We are pleased to inform you that Rites is the lowest bidder (L-1) in the financial bid of the QCBS tender floated by Gujarat Urban Development Company Limited for 'Appointment of TPI agency for WSS/UGD/STP projects under Amrut 2.0/SJMMSVY under GUDC for ULBs of Gujarat', the filing read. ALSO READ |
About Rites
Rites Limited, a Navratna Enterprise under the Ministry of Railways, incorporated on April 26, 1974, is a multidisciplinary engineering and consultancy organisation, providing a comprehensive range of services from concept to commissioning in all facets of transport infrastructure and related technologies. The company's market capitalisation has placed it among the top 500 listed companies in India, a testament to the high-quality solutions and services it delivers, driven by its talented pool of professionals.
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