RITES share price: Shares of RITES Ltd jumped over 5% on the domestic bourses on Monday after the firm announced that it has secured an additional work of Rs 294.67 crore from the Ministry of Railways. Shares of the railways consultancy firm Rail India Technical and Economic Services (RITES) climbed 5.15% to a high of Rs 274.45 per share in early morning trade session on Monday.
Around 11.55 am, the stock was trading 8.85 points or 3.39% higher at Rs 269.85 per share. Since its listing on July 2, the stock price has gained nearly 23% till its Friday’s close at Rs 261 per share. On the National Stock Exchange, RITES share price escalated by 5.36% to a high of Rs 275 per share in early morning trade on Monday.
In a stock exchange filing on Friday, the state-owned firm RITES said it has secured an additional work of Rs 294.67 crore from the Ministry of Railways for doubling of Dharmavaram Penukunda rail lines (41.5 kms) in South Western Railways. RITES was earlier awarded doubling work for 90.2 kms of Dharmavaram Penukunda rail lines in South Central Railways for a cost of Rs 666.38 crore from the Railways Ministry.
It added that the work has been awarded to RITES on cost plus basis in which RITES will be paid fee at the rate of 8.5% of the cost of work. On July 2, RITES had marked a blockbuster stock market debut after the successful conclusion of its Rs 460 crore IPO in June. Upon listing on the BSE and NSE, the share price of RITES rallied over 11%. RITES had posted an 18.5% rise in net profit at Rs 82 crore for the first quarter ended June 2018.