Stock Market

Indian Stock Market: RITES Ltd Gains 5 Percent After Getting Work From Ministry Of Railways

Shares of RITES Ltd gained more than 4 percent in Indian stock market on Monday after the organization educated bourses that it has anchored an extra work of Rs 294.67 crore from Ministry of Railways for multiplying of Dharmavaram Penukunda rail lines (41.5 Kms) in South Western Railways. RITES was granted a multiplying work for 90.2 km of Dharmavaram Penukunda rail lines in South Central Railways for a cost of Rs 666.38 crore from the Railways Ministry.

Around 11.55 am, the stock was trading 8.85 points or 3.39 percent higher at Rs 269.85 for each share. On the National Stock Exchange, RITES share cost heightened by 5.36 percent to a high of Rs 275 per share in early morning exchange on Monday.

The said work has granted to RITES on the cost-plus basis in which RITES will be paid the charge at the rate of 8.5 percent of the cost of work.

In Indian stock market, the organization has recorded income of Rs 370 crore in the main quarter of 2018-19, a level development from the relating corresponding period in 2017-18.

It is included that the work has granted to RITES on cost in addition to the premise in which RITES will be paid the charge at the rate of 8.5 percent of the cost of work. On July 2, RITES had denoted a blockbuster stock market debut making a big appearance after the effective conclusion of its Rs 460 crore IPO in June. According to the report of Financial Express, after listing on the BSE and NSE, the share cost of RITES rallied more than 11 percent. RITES had posted an 18.5 percent ascent in the net benefit at Rs 82 crore for the main quarter finished June 2018.

As per the report of ET, the order book of the organization remained at Rs 5,517 crore as on July 30, 2018, in Indian stock market.

[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]
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