RITES share price jumped over 8% in early trade on Tuesday, after the company bagged an export order. The PSU railway stock rallied as much as 8.19% to ₹233.65 apiece on the BSE.
The state-run Navratna company said it received an acceptance of its offer from Volantis Asset Finance (Pty) Ltd., South Africa, for the supply and commissioning of 4000 HP Cape Gauge diesel electric locomotives.
“Contract Agreement shall be signed against this communication after due diligence at both ends and thereafter, the same shall be added to the order book,” RITES said in a regulatory filing on July 6.
The international order is valued at $35.82 million and is scheduled to be executed over a period of 20 months.
Earlier this month, RITES had announced receiving an order for Project Management Consultancy services for planning, design and development of infrastructural facilities and other related works in the campus of Babasaheb Bhimrao Ambedkar University (BBAU) on Cost Plus PMC Fee basis.
The total project cost is ₹175.41 crore, and the time period for order to be executed is 30 months for initial work or till the completion of allotted work, whichever is later from the date of signing of agreement, it said.
RITES Share Price Performance
RITES share price has risen 9% in one month and has gained 20% in three months. The railway stock has fallen 5% in six months, and has declined over 18% in one year. The PSU stock has dropped 40% in two years, but has jumped 70% over the past five years.
At 9:35 AM, RITES share price was trading 6.81% higher at ₹230.65 apiece on the BSE.
