RITES share price rise on $37 million tender win from CFM Mozambique

The company announced that it was the lowest bidder in two tenders from CFM Mozambique, but it secured the tender for 10 diesel-electric locomotives, valued at $37,680,080, while did not win the bid for 300 high-side wagons.

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RITES share price gained in early trade on November 20 after the company secured a tender for 10 diesel-electric locomotives from CFM Mozambique.

At 09:31am, RITES was quoting at Rs 479.90, up Rs 2.65, or 0.56 percent on the NSE.

The company announced that it was the lowest bidder in two tenders from CFM Mozambique, but it secured the tender for 10 diesel-electric locomotives, valued at $37,680,080, while did not win the bid for 300 high-side wagons.

“RITES emerging as the lowest bidder in two (2) tenders from CFM Mozambique subject to award after due process of CFM Mozambique’s scrutiny/evaluation. Out of the two tenders, one was for the supply of 10 diesel-electric locomotives with incidental service and the other was for the supply of 300 high-side wagons,” the company said in its exchange filing.

CFM Mozambique after due process of scrutiny/evaluation has conveyed that, all bidders have been advised that the tender for 10 Diesel Electric Locomotives with incidental services has been awarded to RITES at a total value of USD 37,680,080. The bidders have also been given the opportunity to contest the decision within 3 working days from the date of the letter. The said period expired on November 16.

All bidders have been advised that the tender for 300 High Side Wagons has been awarded to bidder other than RITES, it added.

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The company, in its second quarter (July-September), reported 21.5 percent fall in its net profit to Rs 110.17 crore, against Rs 140.20 crore in the same quarter a year ago.

The revenue, excluding other income, stood at Rs 582.36 crore in the quarter under review, down 11.6 percent from Rs 659.08 crore in the year-ago quarter.