Rites up 4% on being appointed as PMC for Rs 148-cr project by IIM Raipur

Rites shares gained 4.3 per cent on Friday and logged an intraday high of Rs 299.95 per share. The stock climbed after the company was appointed as a project management consultant (PMC) for the execution, supervision, monitoring, and development of phase II campus of the Indian Institute of Management Raipur (Chhattisgarh) project. The contract is priced at Rs 148.25 crore and has to be executed within 23 months. 

 

Around 9:31 AM, Rites share price was up 3.38 per cent at Rs 297.1 per share. In comparison, the BSE Sensex was up 0.01 per cent at 81,773.59. The market capitalisation of the company stood at Rs 14,305.17 crore. The 52-week high of the stock stood at Rs 413.08 per share and 52-week low of the stock stood at Rs 235.25 per share.

 

"We are pleased to inform you that Rites has been appointed as Project Management Consultant (PMC) for the Execution, Supervision, Monitoring & Development of Phase II Campus of Indian Institute of Management Raipur (Chhattisgarh) Project on cost plus basis from the Indian Institute of Management Raipur (IIM Raipur)," the filing read. 

 

Rites Ltd is a public sector enterprise under the Ministry of Railways, Government of India, established in 1974. It provides consultancy and engineering services primarily in the transportation and infrastructure sectors, both domestically and internationally. 

 

Rites specialises in railway engineering, including planning, design, and construction of rail networks, stations, and related infrastructure. The company also offers expertise in transportation logistics, urban and rural infrastructure development, and project management services. It plays a significant role in areas like freight management, airport and port development, and highways. 

 

With a presence in over 50 countries, Rites has worked on numerous international projects, including railway modernization, road construction, and urban transport planning. The company is known for its diversified services in infrastructure and its commitment to sustainable, eco-friendly practices in development.

 

In the past one year, Rites shares have gained 20.6 per cent against Sensex's rise of 17 per cent.