Rites Ltd jumps 2% on receiving order from National Railways of Zimbabwe for supply of rolling stock

Shares of Rites Ltd jumped 2 percent in early trade on June 16, post signing of a contract agreement with National Railways of Zimbabwe (NRZ) for the supply of rolling stock. At 10:21 am the Rites Ltd stock was trading 1.15 percent higher at Rs 383.20 on NSE.

According to a corporate filing with BSE today on June 16, 2023 the company stated that, “RITES Limited has signed contract agreements with National Railways of Zimbabwe (NRZ) for supply of rolling stock (3000 HP Diesel Electric Locomotives and High Sided Open Wagons). However, the contract agreements are subject to approval of funding by funding agency.”

The notification further discussed that, “the broad consideration and size of the order will be USD 81,175,500.”

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The company concluded the notification by stating that, “Statement(s) in this release are forward looking statements. These statements are based on information currently available to us, and we assume no obligation to update these statements as circumstances change.”

Stock Performance

Rites Ltd stock has given a return of 6.96 percent over the last six months. The benchmark Nifty50 index has given a return of 2.74 percent over the same duration.

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