RITES emerges lowest bidder for ₹900 crore-contract from Bangladesh Railway; check stock movement
₹900 crore, according to a regulatory filing by the engineering services company to the stock exchanges today. ‘’We are pleased to inform you that RITES is the lowest bidder (L-1) in the tender floated by Bangladesh Railway (price proposal opened on October 5, 2023). The estimated order value is approximately USD 111,003,177 (One Hundred Eleven Million Three Thousand One Hundred Seventy Seven US Dollars),'' said RITES in its exchange filing.
The order pertains to the procurement of 200 broad gauge passenger carriages for the Bangladesh Railway. The time period of the execution of the order has not been specified as yet. On Thursday, shares of RITES opened at ₹480.05, and gained 1.84 per cent to touch an intra day high of ₹488.90 apiece on the BSE.
The stock had hit a 52-week high of ₹584 per share on September 11 and a 52-week low of ₹305.6 on December 26. Shares of RITES settled 1.14 per cent higher at ₹485 apiece on the BSE. Exciting news! Mint is now on WhatsApp Channels. Subscribe today by clicking the link and stay updated with the latest financial insights! Click here! RITES' profit after tax (PAT) decreased by 26 per cent to ₹96 crore in the April-June quarter in fiscal 2023-24.
It had posted a profit of ₹129 crore in the year-ago quarter. The company's operating revenue, excluding other income, stood at ₹503.7 crore in the quarter under review, down 13 per cent from ₹578.33 crore in the year-ago quarter. Also Read: RITES orders ₹1,000 crore orders in Africa, foreign consulting The decline in revenue was largely attributed to a fall in export earnings and a decrease in quality assurance revenue.
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