RITES jumps up over 5%

RITES announced a big order receipt on Friday after market closure and we see the dutiful reaction to that today. The stock price rose almost 5.5% to Rs.275. It has a 20% UC at Rs.313.20 and its 52-week high is at Rs.326.55.

The company has secured an additional work of Rs.295 crore from Ministry of Railways for doubling of Dharmavaram Penukunda rail lines (41.5 Kms) in South Western Railways.

Earlier, RITES was awarded doubling work for 90.2 Kms of Dharmavaram Penukunda rail lines in South Central Railways for a cost of Rs.666 crore from Ministry of Railways.

The said 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.