RITES in demand after order win

New Delhi, Jan 12 (Agency) RITES during market hours on Tuesday announced that it has secured a work order of Rs 67.79 crore from National High Speed Rail Corporation for establishment and maintenance of Continuously Operating Reference Stations (CORS) along 487 km long Mumbai-Ahmedabad High Speed Rail Corridor. The contract excludes 21-kilometre undersea tunnel.

RITES further added that the contract is for a period of six year. Shares of RITES snapped their three-day losing streak and edged higher. The counter had lost 4.19% in last three trading sessions. 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. As of 30 September 2020, the Government of India held 72.02% stake in the company. The company’s consolidated net profit fell 44.19% to Rs 132.36 crore on 41.18% drop in revenue from operations to Rs 438.91 crore in Q2 September 2020 over Q2 September 2019.