Shares of engineering and consultancy firm RITES were gaining sharply on Thursday after the government-owned company was named the lowest bidder for a contract in Bangladesh.

What Happened: RITES said in an exchange filing on Thursday that it had been selected as the lowest bidder for a tender floated by the Bangladesh Railway, which opened on October 5.

The firm said the estimated order value is of the contract was around $111 million (₹924 crore). RITES submitted in the filing that the contract was for the supply of 200 broad gauge (BG) passenger carriages for Bangladesh Railway.

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RITES is a public sector company that is owned 72.2% by the government of India. Life Insurance Company of India (LIC) also holds a 7.3% stake in the railway company.

Price Action: RITES’ share price was up 1.23% at ₹485.25 in late afternoon trade on Thursday following the announcement. The firm has gained more than 41% so far this year.

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