RITES Bags a Huge Work Order from Zimbabwe Railway
Indian public sector company RITES Limited, earlier known as Rail India Technical and Economic Services, has received a massive work order from Zimbabwe railways. The contract is worth INR 664.73 crore and involves the production of 3000 diesel-electric locomotives and high-speed open wagons. As soon as the news of the work order hit the stock market, RITES’ share prices skyrocketed. On Friday, the company’s shares rose by over 5%.
What Does the Order Entail?
According to the company’s statement, RITES has signed a contract with Zimbabwe’s national railway to produce 3000 diesel-electric locomotives and high-speed open wagons. The order has made the company bullish in the stock market.
RITES’ Share Market Gain
On Friday, RITES’ shares rose to INR 400, a 5.72% increase from the previous day’s closing price. The company’s share prices have seen an increase of over 15% in the past six months. Investors who bet on the company’s shares a year ago have benefited from a profit of over 75%. RITES’ 52-week high in the NSE is INR 433, and the 52-week low is INR 226.20.
RITES’ Financial Status
After paying taxes, the Indian public sector company has a net profit of INR 138 crore, up from INR 130 crore in the same quarter last year. The company’s operating revenue stands at INR 687 crore after a 10.3% decline in the March quarter.
Bonus Share Announcement by Abhishek Integrations Limited
In other news, Abhishek Integrations Limited has announced a bonus share of 1 for every share held by the company’s investors. The move has made the investors of the company ecstatic as they have received a dividend of INR 60 per share earlier this week.
Conclusion
RITES Limited has received a massive work order from Zimbabwe railways, which has led to a surge in the company’s share prices. The contract involves the production of 3000 diesel-electric locomotives and high-speed open wagons. After paying taxes, RITES has a net profit of INR 138 crore. Investors who bet on the company’s shares a year ago have benefited from a profit of over 75%.
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