RITES advanced 2.50% to Rs 296.90 after the company said that it has secured a new business order with JV Partner, for redevelopment of Kollam Railway Station for Rs 361.18 crore from Southern Railway, Ernakulam, Kerala.
"The share of RITES in the order is 51%, the Miniratna company said in a statement.
RITES is a Miniratna (Category I) schedule 'A' public sector enterprise and a leading player in the transport consultancy and engineering sector in India, having diversified services and geographical reach. The company is the only export arm of Indian Railways for providing rolling stock overseas (other than Thailand, Malaysia and Indonesia). As of 30 June 2022, the Government of India held 72.2% stake in the company.
The company reported a marginally lower consolidated net profit of Rs 136.75 crore in Q4 FY22 from Rs 137.73 crore posted in Q4 FY21. Net sales surged 21.7% to Rs 766.02 crore for the quarter ended 31 March 2022 from Rs 629.36 crore recorded in the corresponding period last year.
In the past six month, the stock has gained 22.59% while the benchmark Sensex has added 2.49% during the same period.
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