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Business Standard

Rites shares gain 3% on winning $2.9 million international order

Shares of Rites rose nearly 3 per cent on Tuesday after the company landed a Letter of Acceptance (LoA) from a South American country for $2.9 million. The civil construction firm, Rites' stock rose as much as 2.75 per cent during the day to ₹310.5 per share, the highest level since December 18 this year. The stock pared gains to trade 0.3 per cent higher at ₹303.1 apiece, compared to a 0.06 per cent advance in Nifty 50 as of 11:23 AM. Shares of the company have recovered over 55 per cent from their March lows of ₹192.4. The counter has fallen 3.8 per cent this year, compared to a 6.3 per cent advance in the benchmark Nifty 50. Rites has a total market capitalisation of ₹14,579.12 crore, according to BSE data. Rites wins $2.9 million international contract in Guyana Rites secured a LoA from the Ministry of Public Works, Co-operative Republic of Guyana, for a key infrastructure project, according to an exchange filing on Monday. The contract involves construction supervision for the extension of the East Bank–East Coast Road Project Phase 2 (Eccles to Providence), along with additional work under an existing assignment. The project is international in nature and spans 18 months of construction supervision, followed by a 12-month defects liability period. The contract is valued at approximately $2.91 million (excluding taxes). Rites confirmed that the order does not fall under related party transactions, and there is no promoter or group company interest in the awarding entity, it said in the statement. Last week, the company emerged as an L1 bidder for the appointment of the 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. 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.