Shares of Rites Ltd climbed 2% and reached an intraday high of Rs 283.65 on 25 June after the company announced securing an order worth Rs 28.5 crore. 

The company announced receiving a letter of intent from Gujarat Urban Development Company for Rs 28.5 crore. The order is to be carried out within 60 days.

In its regulatory filing, the company said, “We are pleased to inform you that RITES has received the Letter of Intent from Gujarat Urban Development Company Limited for “Appointment of TPI agency for WSS/UGD/STP projects under Amrut 2.0/SJMMSVY under GUDC for ULBs of Gujarat.”

GUDC has designated the company as the TPI agency for WSS/UGD/STP projects under Amrut 2.0/SJMMSVY in Gujarat’s ULBs.

A TPI (Third-Party Inspection) agency is assigned to inspect and oversee the progress of various infrastructure projects.

Recently, the company received an order for construction and supervision for the extension of the East Bank-East Coast Road Project Phase 2 (Eccles to Providence), as well as additional work under an existing assignment. The order totaled $2,908,824.5. The project is multinational in scope, with 18 months of construction supervision followed by a 12-month defect responsibility term.

The order was obtained by the Ministry of Public Works in the Cooperative Republic of Guyana. 

Rites, a Navratna and Schedule ‘A’ Central Public Sector Enterprise under the Ministry of Railways, was founded on 26 April 1974. It is a multidisciplinary engineering and consultancy organization that offers a comprehensive range of services from concept to commissioning in all aspects of transportation infrastructure and related technologies.  

The company’s market capitalization has placed it among India’s top 500 listed firms, a testament to the high-quality solutions and services it provides, which are powered by its skilled pool of people.

At 2:20 pm, the shares of Rites were trading 1.12% higher at Rs 279 on NSE.

Tired of missing hot stocks? Unicorn Signals provides powerful tools like stock scans and more help you make informed trading decisions. Download now and take control of your portfolio!