RITES said that it has received the LOA for supply and commissioning of overhauled in-service cape gauge ALCO diesel electric locomotives from Ntokoto Rail Holdings.
The locomotives would be fitted with new cape gauge bogies, traction motors, control system air braked, etc. They would be overhauled at nominated facility and an on-site warranty support would be provided for a period of one year.
The order has to executed within a period of six months.
The value of the aforementioned contract is $5.4 million, which at the prevailing exchange translates to Rs 45.33 crore.
RITES, a Miniratna (Category-I) Schedule 'A' public sector enterprise, is a leading player in the transport consultancy and engineering sector in India, having diversified services and geographical reach. As of 30 September 2024, the Government of India held 72.20% stake in the company.
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The companys consolidated net profit declined 24.37% to Rs 90.44 crore in Q1 FY25 as against Rs 119.58 crore recorded in Q1 FY24. Revenue from operations declined 10.76% to Rs 485.76 crore in the quarter ended 30 June 2024 from Rs 544.35 crore posted in Q1 FY24.
The scrip gained 0.34% to currently trade at Rs 296.75 on the BSE. It has hit a high of Rs 298.65 and a low of Rs 292.30 so far in today's trading session.
In the last six months, the stock has lost 14.93% while the S&P BSE 500 index has gained 11.45%.
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