Multibagger stocks: These two Navratna PSUs surge up to 4% on inking MoU for consultancy services

Shares of multibagger RITES Ltd rose nearly 3% on Tuesday after the firm said it has joined hands with HUDCO to undertake a comprehensive range of consultancy and fee-based projects. Additionally, Navratna firm RITES will provide consultancy to projects being financed by HUDCO. Shares of HUDCO were also up 4% to Rs 304.25 on BSE today. 

RITES Ltd shares gained 2.60% to Rs 687.75 on Tuesday. Market cap of the firm stood at Rs 16,783 crore.  The stock ended at Rs 687.75 on Monday.  

Total 0.15 lakh shares of the firm changed hands amounting to a turnover of Rs 1.05 crore in early trade. The stock fell to a 52-week low of Rs 432.65 on October 26, 2023 and a 52 week high of Rs 826.15 on February 27, 2024. The RITES stock has gained 163% in two years and 161% in three years, delivering multibagger returns during the period. 

Shares of Navratna firm HUDCO have given multibagger returns of 390% and 708% in one year and two years,respectively. 

The collaboration between the Navratna CPSEs will focus on exhaustive domains from metro rail,
roads, airports, ports, ropeways, highways, underpasses and flyovers, tunnels, to the emerging
sectors such as energy, water resources and hydropower, wastewater and waste management, urban
and industrial building design, commercial and institutional projects, and other urban development
and infrastructure-related initiatives.

HUDCO will also extend its Project Management Consultancy Services for projects being implemented by RITES and will also provide term lending for various specified infrastructure projects where consultancy services are undertaken by RITES.