RITES shares zoom 7% on winning $3.6 million international locomotive supply order

RITES Ltd shares zoomed 7.2% in early trade to their intraday high of Rs 254.60 on the BSE on Wednesday, December 31, after the company announced that it has secured an international order valued at USD 3.6 million. The order pertains to the “Supply of In-Service Cape Gauge Diesel Electric Locomotives” and has been awarded by Berhard Development Corporation (Private) Limited, Zimbabwe.

“Pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are pleased to inform you that RITES has received a Letter of Award for “Supply of In-Service Cape Gauge Diesel Electric Locomotives” from Berhard Development Corporation (Private) Limited, Zimbabwe,” the company informed via an exchange filing.

According to the disclosure, the order is to be executed within a time period of three months. The engagement involves the supply of diesel-electric locomotives tailored for in-service operations on Cape gauge rail networks.


RITES clarified that the contract is international in nature and awarded by a foreign entity, with no promoter or group company interest in the awarding party.

RITES share price performance

Over the past year, the stock of RITES has declined by 11.19%, reflecting pressure over a longer duration. Year-to-date (YTD), it has dropped 19.59%, indicating broad underperformance through the calendar year. In the last six months, the stock has been down by 15.21%, and over the last three months, it has fallen by 3.52%.

Despite the broader weakness, the past month has seen a marginal gain of 0.13%, hinting at some short-term stability.

The shares of RITES closed 3% lower at Rs 237.40 on the BSE.



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