RITES at new high

RITES hit a new 52-week high today at Rs.326.55 and volumes jumped up almost 7 times.

The stock price has been rallying for couple of days now. Maybe it is in anticipation of good Q1FY19 numbers which are to be announced on 27th August.

The company has been having good going. Its order book stands strong at Rs.5517 crore. It recently got an export order worth Rs. 567 crore for supply of Broad Gauge passenger air-conditioned and non air-conditioned coaches, to be completed within 27 months of the opening of Letter of Credit.

The stock got recently listed at Rs.190 levels as against the IPO price of Rs.185/share. The Rs.460 crore IPO was subscribed more than 67 times.