Shares of RITES rose by 2.98% to touch an intraday high of ₹298.60 on Wednesday, October 23, 2024, following the announcement of a new contract. The company disclosed that it has secured a ₹453.99-crore order from Karnataka Mining Environment Restoration Corporation (KMERC) for constructing two private freight terminals (PFTs) in Ballari district, located at Dharmapura and Susheel Nagar.
Initially awarded as a Project Management Consultancy (PMC) assignment, the contract has been converted into a turnkey project. Under the Comprehensive Environment Plan for Mining Impact Zone (CEPMIZ), RITES will be responsible for completing the railway terminals within 30 months.
RITES, a Navratna Public Sector Enterprise known for its expertise in transport consultancy and engineering, has over five decades of experience and a portfolio of projects across more than 55 countries. Despite the company’s Q1FY25 net profit dipping by 24.4% to ₹90.4 crore, the market responded positively to this new contract. The company’s stock traded 0.50% higher at ₹291.40 in the morning session, with a market cap of ₹14,088.90 crore.