RITES emerges as lowest bidder for consultancy order
RITES emerged in the consortium as the L-1 bidder for a general consultancy contract from the Haryana Rail Infrastructure Development Corporation for the Haryana Orbital Rail Corridor (HORC).
A new electrified broad-gauge double line (approx. 144 km) from Palwal to Sonipat via Sohna, Manesar and Kharkhoda in the state of Haryana with a speed potential of 160 km / h is being ordered. The fee to be paid to the consortium is approximately 61 billion rupees.
The announcement was made yesterday, on February 11, 2021, after the market closed. RITES shares fell 1.81% to trade at Rs 241.10 yesterday.
The stock hit a 52-week high of Rs 328.5 on February 13, 2020. On March 24, 2020, the stock hit a 52-week low of Rs 191.
The PSU company’s consolidated net income declined 29.8% to Rs 105.31 billion, while revenue from operations in the third quarter of FY 21 versus the third quarter of FY 20 was 27.51% to 449, 29 billion rupees fell.
RITES is a Miniratna (Category – I) Schedule ‘A’ Public Sector Enterprise and a leader in the transportation consulting and engineering sector in India with diversified services and geographic reach. As of December 31, 2020, the Indian government held a 72.2% stake in the company.
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(This story was not edited by Business Standard staff and is automatically generated from a syndicated feed.)
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