RITES shares zoom 8.47% as Nifty jumps

New Delhi: Shares of Rites traded 8.47 per cent up in Friday's trade at 12:57 pm. Around 2,64,488 shares changed hands on the counter. The stock opened at Rs 227.15 and touched an intraday high and low of Rs 248.5 and Rs 226.4, respectively, in the session so far.

The company decided to close JV agreement with BNV Gujarat Rail, subject to further approval if any.

The stock quoted a 52-week high of Rs 329.85 and a 52-week low of Rs 160.8.


Financials
Rites, incorporated in the year 1974, is a Mid Cap company (having a market cap of Rs 5673.75 crore) operating in the Services sector.

The company reported net profit after tax of Rs 147.03 crore 31 Decemeber, 2019. For the same quarter, the company has reported a Consolidated sales of Rs 619.82 crore, down 16.94 per cent from last quarter Sales of Rs 746.24 crore and up 15.87 per cent from last year same quarter Sales of Rs 534.92 crore.

Rites key products/revenue segments include consultancy income which contributed Rs 760.36 crore to sales value (38.61 per cent of total sales), turnkey project which contributed Rs 567.07 crore to sales value (28.80 per cent of total sales), sale of products which contributed Rs 206.75 crore to sales value (10.50 per cent of total sales) and lease rentals which contributed Rs 103.61 crore to sales value (5.26 per cent of total sales)for the year ending 31-mar-2019.

Promoters holding
Promoters held 77.3861 per cent stake in the company as of Dec 2019.

Valuation ratio
It quoted a price-to-earnings ratio of 9.59 and price to book value of 1.93.