RITES jumped 4.94% to Rs 361.45 after the company said that its consortium has secured a new business order for construction of depot cum workshop for Rs 499.41 crore from Bangalore Metro Rail Corporation.
"The share of RITES in the order is 51%, the company said in a statement.
RITES is a Miniratna (Category I) schedule 'A' public sector enterprise and a leading player in the transport consultancy and engineering sector in India, having diversified services and geographical reach. The company is the only export arm of Indian Railways for providing rolling stock overseas (other than Thailand, Malaysia and Indonesia). As of 30 June 2022, the Government of India held 72.2% stake in the company.
The company's consolidated net profit jumped 91.03% to Rs 137.52 crore on a 70.59% increase in sales to Rs 605.04 crore in Q1 FY23 over Q1 FY22.
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