RITES hits highest level since listing; stock zooms 20%

The stock rallied 20% to Rs 267, surging 38% in past one week from Rs 194 on the BSE.

Shares of railways consultancy firm RITES has zoomed 20% to Rs 267, its highest level since listing on July 2, 2018. Thus far in the current week, the stock rallied 38% from Rs 194, as compared to 2.3% rise in the S&P BSE Sensex.

RITES, the first state-owned firm to hit the initial public offering (IPO) market in the current fiscal, was trading 44% higher against its issue price of Rs 185 a share. It touched a low of Rs 190 during intra-day deal on July 2.

The Rs 4,660-million IPO had garnered strong investor demand, with the