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.
See Also: Tata Group In Talks To Buy Back Stake In Tata Play At A $1 Billion Valuation
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.
Read Next: YouTuber Sourav Joshi Makes ₹80 Lakhs A Month – X Users Debate How
Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.