RITES rises 2% on bagging Rs 206 crore project

NEW DELHI: Shares of RITES rose 2 per cent in Friday's trade after the company bagged a Rs 206 crore contract to construct four roads over bridges in Andhra Pradesh from Indian Railways.

"RITES has been awarded a turnkey contract for construction of (ROBs) in replacement of existing level crossings on competition basis from Railway Board amounting to Rs 205.85 crore," the company told BSE.

Following the development, the stock rose 2.35 per cent to hit a high of Rs 247.75 on the exchange.

A memorandum of understanding (MoU) will be executed between RITES and South Central Railway (SCR) in this regard in due course, the statement said.

"This turnkey contract covers construction of 4 nos of ROBs in replacement of level crossings in Vijaywada division of SCR on Vijaywada-Vishakhapatnam section in the state of Andhra Pradesh," the company said.

RITES is a public sector enterprise and a leading player in the transport consultancy and engineering sector in India, having diversified services and geographical reach.

The company claims to have undertaken projects in over 55 countries in Asia, Africa, Latin America, South America, and Middle East regions.

RITES is the only export arm of Indian Railways for providing rolling stock overseas.