RITES rises 2% on bagging Rs 364 crore contact from CCI

New Delhi: The shares of RITES rose by 2 per cent in Friday’s early trade, defying weak broader market sentiment, after the firm secured a contract worth Rs 364.56 crore from Container Corporation of India (CCI).

RITES will operate and maintain shunting locomotives for a period of 10 years.

"RITES secured a business for operation and maintenance of shunting locomotives for the period of 10 years from Container Corporation of India for Rs 364.56 crore," the railways' consultancy firm said in a regulatory filing.


At 10:10 am, the scrip traded flat at Rs 234.65 as against its previous close of Rs 233.25. It rose to the day's high of Rs 238.05.

RITES is a midcap company, operating in the transport consultancy and engineering sector having diversified services and geographical reach, with a market cap of Rs 5,730 crore.

The stock gave a negative 3-year return of 0.5 per cent. Promoters held a 72.2 per cent share in the company as of March 31, 2022.