Shares of state-owned RITES Ltd rose over 7 percent on Wednesday after the engineering consultancy firm announced securing two new orders, including one from Africa and another from Indian Railways.
The stock climbed 7.44 percent to hit an intraday high of Rs 299.8 on the NSE, rebounding after two straight sessions of decline. It opened 2.13 percent higher.
In a regulatory filing, the company said it has received an export order from African Rail Company for the supply and commissioning of overhauled Cape Gauge ALCO diesel electric locomotives.
The work includes fitting new Cape Gauge bogies, traction motors, control systems, air brake systems, and providing warranty support through a deputed technical team. The order is valued at USD 3.6 million and is to be executed in nine months.
In a separate filing, RITES said it has signed an Engineering, Procurement and Construction (EPC) agreement for the redevelopment of Tumakuru Station under South Western Railway. The project includes civil works, signal and telecommunication systems and electrical general services.
Shares of RITES have given multibagger returns, rising 152.32 percent in the past three years, according to BSE Analytics.
On Wednesday, 26.56 lakh shares of the company were traded on the BSE, generating a turnover of Rs 78.65 crore. On the NSE, more than 2.13 crore shares changed hands, till 12:30 p.m. The company has a market capitalisation of Rs 14,228.27 crore, as per BSE data.
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