Shares of RITES Ltd rose over 18% to a record high today after the state-owned firm announced it received an order worth Rs 414 crore. The order relates to carry out various infrastructure works at IIT-Bhubaneswar. RITES stock gained 18.37% to Rs 657.85 against the previous close of Rs 553.65 on BSE.
Total 9.31 lakh shares changed hands amounting to a turnover of Rs 56.65 crore on BSE. Market cap of the firm rose to Rs 15,739 crore.
Shares of RITES opened higher at Rs 558.90.
RITES share has gained 91% in one year and risen 30% since the beginning of this year.
RITES stock has a one-year beta of 0.3. This signals the stock has low volatility.
“RITES has been declared top scorer (H-1) bidder and eligible for award of work as Project Management Consultancy (PMC) for the construction of various infrastructure works at IIT- Bhubaneswar to be undertaken under EPC mode III. The MoU with IIT-Bhubaneswar will be executed with mutually agreed terms & conditions,” said RITES in a communication to bourses.
In terms of technicals, the relative strength index (RSI) of RITES stands at 66.2, signaling it's trading neither in the oversold nor in the overbought territory. RITES stock is trading higher than the 5 day, 10 day, 20 day, 50 day, 100 day and 200 day moving averages.
The stock hit a 52 week low of Rs 311.60 on April 19, 2021.
RITES Limited is an engineering and consultancy company. The company offers various services from concept to commissioning in transport infrastructure and related technologies. It operates through four segments: Consultancy Services, Leasing of railway rolling stock & equipment’s, Export of rolling stock, equipment’s and spares, and Turnkey Construction Projects.
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