The company is confident about growth as its facilities resume work and also on the back of a strong order book.
The valuation of RITES is quite reasonable in light of opportunities the sector holds
Prime Minister Narendra Modi imposed a nationwide lockdown to control the spread of coronavirus on March 25. It has been extended thrice, with the fourth phase set to expire on May 31.
The period of execution is likely to span over 21 months.
RITES said Life Insurance Corporation (LIC) has acquired 59.49 lakh shares, or 2.38 percent stake, in the company though an offer-for-sale (OFS) between November 22, 2019 and February 27, 2020.
The offer for sale opened for non-retail investors today and will be available for retail and non-retail investors on February 28.
The company's total expenditure also surged to Rs 466.31 crore as against Rs 390.14 in the year-ago period.
Brokerage firm AnandRathi Share and Stock Brokers has a buy recommendation on the stock with a target price of Rs 370 for one-year horizon.
Board of Directors has approved investment of Rs 48 crore for acquiring a stake of 24 percent in Indian Railways Station Development Corporation (IRSDC).
The good news is that the rally is here to stay and experts see the momentum continue and take Nifty50 towards 12,700-13,000 in the next 12 months.
The stock has corrected significantly. At the current market price it has priced in most of the negative factors, namely liquidity issues.
As RITES completes one year of listing at bourses, brokerages remain bullish as they see it to benefit from huge railway capex
RITES said a meeting of board of directors of the company is scheduled to be held on June 24 to consider the proposal for issuance of bonus shares.
The government is likely to retain its focus on critical infrastructure sectors, giving investors an opportunity to ride on their success
DIPAM also invited Expression of Interest (EoI) from merchant bankers by June 6, to assist and advise the government in the sale process.
RITES is an engineering consultancy company under the aegis of the Indian Railways.
Joindre Capital Services is bullish on RITES has recommended buy rating on the stock with a target price of Rs 432 in its research report dated December 13, 2018.
The company had clocked a standalone profit of Rs 73.24 crore for the corresponding quarter in the year-ago period.