Rites soared 10.59% to Rs 304.35 after the company informed that it has received a revised estimate of Rs 532 crore for an electrification project under the Northeast Frontier Railway.
The revised total cost for the project stands at Rs 531.77 crore, excluding GST, which marks an increase from the original cost of Rs 288.44 crore.The electrification work is to be carried out on a turnkey basis at the Lumding junction and Badarpur junction section of Lumding division of Northeast Frontier Railway, it added.
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.
The companys consolidated net profit declined 27.84% to Rs 72.98 crore in Q2 FY25 as against Rs 101.15 crore recorded in Q2 FY24. Revenue from operations fell 7.12% to Rs 540.86 crore in the quarter ended 30 September 2024 from Rs 582.36 crore posted in Q2 FY24.
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