Shares of RITES jumped nearly 3% on Tuesday after the company secured a Letter of Acceptance (LoA) worth $2.9 million from a South American country.

RITES will oversee the construction of the East Bank–East Coast Road Project Phase 2, covering the stretch from Eccles to Providence. The contract also includes additional responsibilities linked to an ongoing project. A Miniratna (Category-I) Schedule ‘A’ public sector enterprise, RITES, serves as a major player in India’s transport consultancy and engineering space, offering a wide range of services with a strong global presence.

The project is scheduled for completion within 18 months, followed by a 12-month defect liability period. As of March 31, 2025, the Government of India held a 72.20% stake in the company, highlighting robust government support.

This new international contract further strengthens RITES’ global footprint and reinforces its position as a trusted leader in transport infrastructure. The successful addition of the Guyana-based East Bank–East Coast Road extension to its portfolio highlights the company’s growing expertise in executing large-scale infrastructure projects overseas.

Furthermore, by delivering on high-value international contracts, RITES continues to showcase India’s engineering capabilities on the global stage. The latest deal not only enhances the company’s global credibility but also boosts its financial prospects, reflected in the recent stock performance.

However, at 3:30 pm, the shares of RITES closed 0.08% lower at Rs 302 on NSE.

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