Shares of RITES Ltd surged over 4% after the company secured a Letter of Acceptance for a significant project worth ₹27.96 crore from South Central Railway. The contract involves conducting a Final Location Survey for a High-Speed Elevated Rail Corridor between Hyderabad-Bengaluru and Hyderabad-Chennai, utilizing advanced survey techniques such as Airborne or Terrestrial LIDAR.
The project encompasses the preparation of a Detailed Project Report (DPR), final alignment design, traffic survey report, ROR calculations, detailed estimates, and EPC document preparation. The contract is expected to be executed within eight months.
This latest order, awarded by a domestic government entity, reinforces RITES’ position as a key player in railway consultancy and infrastructure development. The company confirmed that the transaction falls under a government-to-government deal with no related party transactions involved.
The announcement boosted investor sentiment, pushing RITES’ stock price up to ₹222.50. The company’s expanding order book, particularly in high-speed railway projects, is seen as a positive driver for future growth.
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