RITES emerges lowest bidder for railway contract, shares trade in green

The said contract is to be executed in 5 years with 1 extendable year.

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The share price of RITES gained more than a percent in the early trade on August 22 after the company emerged as the lowest bidder (L-1) in a tender floated by the Railway Board.

At 9:23am, RITES was quoting at Rs 479.20, up Rs 5.55, or 1.17 percent, on the NSE.

The contract is for service testing and inspection of rails for the Indian Railways to be executed in five years with one extendable year.

The total size of the order is inspection of 60,00,000 MT of rails with approximate inspection fees to be received in five years being Rs 65.4 crore plus taxes.

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On August 21, the company signed a deal with NHPC to collaborate on comprehensive consultancy services for rail infrastructure facilities for NHPC’s hydropower projects.

The company in the quarter ended June had reported a 26 percent decrease in its profit after tax (PAT) to Rs 96 crore, accompanied by a 13 percent decline in its operating revenue to Rs 503.7 crore.