RITES hits new 52-week high on bagging multi-billion order

Shares of RITES hit a fresh 52-week high price of Rs 404.9 during the trading session on Friday, rallying over 6% intra-day, after the company bagged a multi-billion order.

The engineering, design and construction company has secured a new business order from the Bangalore Metro Rail Corporation for constructing a depot-cum-workshop for Rs 499.41 crore , the company's exchange filing said on Thursday. In the order, RITES has a 51% share.

In the last 1 year, the stock has produced over 41% returns while its 3-year returns are over 49%. Nonetheless, on an YTD basis, the stock has given better returns of over 51%.


The consensus recommendation from 4 analysts on the stock is ‘buy’, with 3 analysts suggesting strong ‘buy’, showed Trendlyne data. Currently, the stock trades well above its target price, signalling a downside potential of 20.2%.

Power Mech Projects, which is a JV with RITES, also rallied in intra-day trade today by as much as 5% to the day’s high price of Rs 1919.5 per share on the NSE.

RITES is a multidisciplinary engineering and consultancy entity that offers an array of services in the area of transport infra and allied technologies.