RITES Ltd shares surged 2.5% after the company received a Letter of Award from Numaligarh Refinery Ltd (NRL) for railway siding projects. The contract, valued at ₹155.50 crore, involves work at NRL Panchgram Terminal, the 3rd Railway Spur at Rangapani (SMT), and Duliajan’s crude oil TW loading railway siding of Oil India Ltd (OIL).
The project will be executed on a turnkey basis under the cost-plus mode, subject to detailed engineering approval from Indian Railways. The expected completion timeline for the project is 24 months.
This order strengthens RITES’ position in the railway infrastructure segment and aligns with its expertise in project management and engineering consultancy. Investors responded positively, driving the stock up in early trading.
RITES shares opened at ₹226, hitting a high of ₹229.77 and a low of ₹224.60 in today’s session. The stock remains far from its 52-week high of ₹398.45, while staying above the 52-week low of ₹192.40.
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