RITES Limited shares rose over 3% in the morning after the company received a Letter of Award from NTPC Limited. The order is for the “Biennial MGR Mega Contract for S&T Maintenance, Track Maintenance, MGR operation & DU handling” at NTPC’s Mouda Super Thermal Power Project.
The contract, valued at Rs. 25.30 crore exclusive of GST, will be executed over a period of 24 months. This is a domestic order, and RITES has confirmed that there is no interest of promoters or promoter group in NTPC. The contract does not fall under related party transactions.
The award strengthens RITES’ order book in the power sector, particularly in specialized MGR and track maintenance services.
RITES shares opened at ₹247 today and gained momentum, touching an intraday high of ₹252.80. The stock’s low for the day was ₹245.8. Over the past year, RITES has seen a 52-week low of ₹192.40 and a high of ₹384.00, showing significant upside potential from its current levels. On Friday, the stock closed at ₹243.95.
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