RITES gains 5% on additional contract of 436 Cr from Indian Railways

Shares of RITES gained 5.6 percent intraday Wednesday as company won an additional contract of Rs 436 crore.It has touched an intraday high of Rs 261.40 and an intraday low of Rs 252.90.The company has been executing a project of Indian Railways for setting up of wagon workshop at Dalmianagar for which the initial contract cost was Rs 89 crore.The enhanced scope and revision in estimates has resulted in additional contract value of Rs 436 crore.The work is scheduled to be started in the last quarter of this financial year.

This project is a turnkey work being done on fixed fee basis by RITES.At 10:32 hrs RITES was quoting at Rs 254.35, up Rs 6.40, or 2.58 percent on the BSE.The share touched its 52-week high Rs 326.55 and 52-week low Rs 185.00 on 17 August, 2018 and 30 June, 2018, respectively.Currently, it is trading 22.06 percent below its 52-week high and 37.57 percent above its 52-week low.