Shares of RITES Ltd gained over 4% amid weak sentiment in the broader market today after the Navratna company said it secured a project implementation service order from the Ministry of External Affairs to construct an Integrated Check Post. The project, valued at Rs 297.67 crore, will add to India’s border infrastructure. The construction is scheduled for completion over 59 months.
RITES stock rallied 4.21% to Rs 309 against the previous close of Rs 296.50. Market capitalization of the company climbed to Rs 14,571 crore.
RITES shares have a one-year beta of 1.5, indicating high volatility during the period.
In terms of technicals, the relative strength index (RSI) of RITES stands at 53.1, signaling it's trading neither in the overbought nor in the oversold zone. RITES shares are trading lower than the 50 day, 100 day, 150 day, 200 day but higher than the 5 day, 10 day, 20 day and 30 day moving averages.
On December 5, the company said it has been appointed as Project Management Consultant (PMC) for Phase II Campus of Indian Institute of Management Raipur (Chhattisgarh) Project on cost plus basis from Indian Institute of Management Raipur (IIM Raipur). The value of the order is Rs 148.25 crore.
RITES Limited, a subsidiary of Indian Railways, provides engineering services. The company offers transport infrastructure consultancy, railway inspection, rolling stock leasing and maintenance, airport construction management, industrial and electrical engineering, and other related services.