RITES Limited saw a 5% surge in its stock price after securing a significant contract worth Rs. 69.78 crore (excluding GST) from the Steel Authority of India Limited (SAIL) – Bhilai Steel Plant.
As of 9:18 AM, RITES shares opened at ₹300, reaching a high of ₹304.65 and a low of ₹298.60 during the session. The stock remains well below its 52-week high of ₹412.98 but comfortably above the 52-week low of ₹249.75.
Key Details of the Order:
- Scope of Work: R3Y/R6Y Repair of 43 WDS6 Locomotives.
- Duration: 3 years.
- Entity Awarding the Contract: SAIL Bhilai Steel Plant, a domestic entity.
This domestic order underscores RITES’ robust capabilities in locomotive repair and maintenance. The positive market response highlights investor confidence in the company’s growing order book and long-term revenue visibility.
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