RITES Ltd. saw its shares rise by 4% after being declared the top scorer (H-1 bidder) for a $9.71 million engineering services contract in Guyana.
The contract, awarded by the Ministry of Public Works, covers the upgrade of the Palmyra to Moleson Creek Highway, enhancing regional connectivity and infrastructure.
The project, valued at $9,713,470 (excluding taxes), has a duration of 60 months, including 36 months for pre-construction and construction phases, and 24 months for post-construction defect liability. RITES secured the contract through a Quality and Cost-Based Selection (QCBS) process. The official Letter of Acceptance will be issued after final review.
RITES Ltd. (RITES) stock opened at ₹303.00, hitting a high of ₹309.85 and a low of ₹302.10 today. With a 52-week high of ₹412.98 and a low of ₹235.48, the stock has shown significant volatility.
As of 9:21 am, RITES shares were trading 2.80% higher at Rs 304.50 on the NSE.
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