RITES stock surges 5% after order worth $9.71 million from Guyana government

RITES shares have risen over 7 percent in the past month.

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26 Aug, 2025 12:21

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Shares of RITES surged nearly 5 percent in opening trade on December 9 after the company secured an order worth $9.71 million from the Ministry of Public Works, Government of the Co-operative Republic of Guyana. The order is for the upgradation of the Palmyra to Moleson Creek Highway and will be executed over the next 60 months.

At 09.56 am, shares of RITES were trading at Rs 304.90 on the NSE. The surge in the stock price was also triggered by a spike in trading volumes in the counter as 37 lakh shares changed hands on the exchanges so far, already higher than the one-month daily traded average of 20 lakh shares.

The recent order win is set to bolster RITES' order book, adding momentum to its growth trajectory. The company's order book grew 3.55 percent on quarter in Q2 to Rs 6,581 crore, with over 90 orders, valued at Rs 729 crore were received in the September quarter. In the previous quarter, RITES' order book stood at Rs 6,355 crore.

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"The confidence in our ability to leverage our strength reflects in our growing order book, maintaining a rate of ‘1 order a day' and securing in this quarter, orders worth more than the entire H1 of last FY," Rahul Mithal, chairman and managing director of RITES said in an exchange filing.

The latest order win also comes just a few days after the company was appointed as the Project Management Consultant (PMC) for the development of the Phase II campus of the Indian Institute of Management (IIM) Raipur in Chhattisgarh. The project, touted by IIM Raipur, is valued at Rs 148.25 crore and involves the execution, supervision, monitoring, and overall development of the campus on a cost-plus basis. The project is expected to be completed within 23 months.

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