RITES hits 52-week high on Rs 500-crore order win

A company’s board will meet on July 28 to consider and approve standalone and consolidated unaudited financial results for the quarter ended on June 30, 2023. The board may also consider payment of first interim dividend for FY24

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The RITES stock touched a 52-week high of Rs 496.70 on July 24 afternoon after the company received a Rs 500-crore order from Mozambique.

The Indian company has emerged as the lowest bidder in the tenders for procurement of locomotives and wagons by CFM, Mozambique, it said. The order includes the supply of 10 locomotives and 150 wagons for Rs 500 crore.

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A meeting of the board of directors of the company will be held on July 28, 2023 to consider, approve and take on record standalone and consolidated unaudited financial results for the quarter ended on June 30, 2023, the company said in a filing.

The board may also consider payment of first interim dividend for the FY24.

Earlier this month, the company signed a memorandum of understanding with TransNamib Holdings Limited, Namibia for the development of railways and related infrastructure including supply of rolling stock.

At 12.59 pm, the stock was trading at 493 on the National Stock Exchange, up 8.42 percent from the previous close.