PSU Stock Watchlist: RITES shares surges over 2.6% as two major PSUs award work orders
Currently, the shares of RITES Ltd are trading higher over 2.58% at Rs 229.13. The stock has been corrected by 15.45% in the past one month.
Amid securing major work orders from two big PSUs, the shares of RITES Ltd surged over 2.6% on Tuesday, April 1, Oil India and Numaligarh Refinery.
RITES has received a Letter of Award from Numaligarh Refinery Limited for ‘Railway Sidings at NRL Panchgram Terminal, 3rd Railway Spur at Rangapani (SMT) and Duliajan (Crude Oil TW Loading Railway Siding) of OIL’ on a turnkey cost-plus mode subject to detailed engineering approval from Railways. The order, which will be completed in 24 months, is worth Rs 155.50 crore, excluding GST, the company stated through filing.
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Additionally, the company has bagged another order from Oil India for the construction of the Workmen Housing Complex (BQ Area) at OIL, Duliajan, on a Turnkey Basis under the Depository Works Mode. The order worth Rs 157.25 crore (excluding GST) will be completed in 36 months.
Currently, the shares of RITES Ltd are trading higher over 2.58% at Rs 229.13. The stock has been corrected by 15.45% in the past one month. The company has declared six dividends since 2023. In the past 12 months, the stock has delivered a dividend of Rs 12.00 per share. While, the bonus issue is in the ratio of 1:1 of Rs 10/-.
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