RITES gains on inking pact with Bangladesh Railway for supplying 200 passenger coaches
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Rites is currently trading at Rs. 720.10, up by 4.15 points or 0.58% from its previous closing of Rs. 715.95 on the BSE.
The scrip opened at Rs. 720.05 and has touched a high and low of Rs. 731.40 and Rs. 715.45 respectively. So far 69516 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 826.15 on 27-Feb-2024 and a 52 week low of Rs. 365.00 on 04-Jul-2023.
Last one week high and low of the scrip stood at Rs. 731.40 and Rs. 622.80 respectively. The current market cap of the company is Rs. 17204.41 crore.
The promoters holding in the company stood at 72.20%, while Institutions and Non-Institutions held 15.27% and 12.53% respectively.
RITES has signed a contract agreement for suppling 200 Broad Gauge (BG) passenger carriages to Bangladesh Railways. The export arm of Indian Railways, RITES has won the $111.26 million (approximate Rs 915 crore) contract, funded by European Investment Bank (EIB), through a global competitive bidding process. As per terms & conditions of the contract, besides supply, RITES will offer its expertise in design, spare parts support and training. The contract has a supply with commissioning period of 36 months, followed by a warranty period of 24 months.
The contract highlights the Navratna CPSE’s commitment to fostering the growth through the export of indigenously developed world class railway rolling stock, in line with the vision of ‘Make in India, for the World’. RITES has been a old partner in Bangladesh’s path to infrastructure development. Earlier, it had supplied 120 BG Passenger Coaches (LHB type), 36 BG locomotives and 10 Meter Gauge locomotives to Bangladesh Railways, besides collaborating on other infrastructure projects.
RITES is a multi-disciplinary consultancy organization in the fields of transport, infrastructure, and related technologies. It provides a comprehensive array of services under a single roof and believes n transfer of technology to client organizations.
