RITES share price jumped over 7% in early trade on Wednesday after the company announced bagging of two major orders. The PSU railway stock gained as much as 7.43% to ₹299.95 apiece on the BSE.
The state-run railway infrastructure company, RITES said that it has received the Purchase Order from African Rail Company for supply of two fully overhauled ALCO locomotives for deployment in Zimbabwe, Mozambique and Botswana.
The order includes supply and commissioning of the overhauled in-service Cape Gauge ALCO Diesel Electric Locomotives fitted with new Cape Gauge Bogies, Traction Motors, Control System, Air braked, etc. overhauled at nominated facility and warranty support with the deputation of RITES technical team, RITES said in a regulatory filing on July 1.
The order is worth $3.6 million, and the time period by which the order is to be executed is 9 months.
In a separate regulatory filing, the company said that RITES-Aryan JV Joint Venture has received the Letter Of Acceptance (LOA) from South Western Railway.
This order is for Tumakuru Station Redevelopment Engineering, Procurement and Construction Agreement for Tumakuru Station Redevelopment including Civil Works, Signal and Telecommunication works and Electrical General Services at Tumakuru Station.
The order size is ₹37.81 crore excluding GST, and the time period by which the order is to be executed is 540 days from the appointed date as per Agreement.
RITES Share Price Performance
RITES share price has gained 5% in one month and has jumped 27% in three months. The PSU railway stock is flat on a year-to-date (YTD) basis, while it has dropped 16% in one year. However, RITES shares have delivered multibagger returns 120% in the past five years.
At 9:40 AM, RITES share price was trading 6.55% higher at ₹297.50 apiece on the BSE.
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