RITES shares soar nearly 13% after securing Rs 532 crore order from Northeast Frontier Railway

Shares of RITES Ltd soared 12.6% to their intraday high of Rs 310 on the BSE after announcing that the company has secured a major order for railway electrification work from Northeast Frontier Railway. The order value stands at Rs 531.77 crore.

The original cost of the project was Rs 288.44 crore.

“In continuation to our intimation dated June 28, 2021 regarding major order secured for Railway Electrification work for project -Lumding- Badarpur”, we are pleased to inform you that RITES has received revised estimates for Railway Electrification work of LMG-BPB Section of Lumding Division, N.F Railway on November 21, 2024 from Northeast Frontier Railway,” said the company’s filing to the exchanges.

The project involves railway electrification work of LMG-BPB section of the Lumding division, N.F Railway on a turnkey basis.

Recently, the company had also signed an MoU with the National Institute of Solar Energy (NISE), an apex R&D institute under the Ministry of New and Renewable Energy (MNRE), to collaborate for Quality Assurance (QA) services for solar and renewable energy projects.

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For the second quarter ended September 2024, RITES reported that it had secured 90+ orders worth Rs 729 crore and the total order book stood at Rs 6,581 crore.

The company had reported a consolidated net profit of Rs 83 crore for the said quarter against Rs 110 crore in the corresponding quarter of the previous fiscal year. The sequential standalone revenue up by 16.5%, from Rs 475 crore to Rs 554 crore

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