Shares of Rites that were upbeat on Saturday received a further bump as the company announced bagging the massive order.
What Happened: The railway company on Saturday announced that it has been declared the preferred bidder and eligible for award of work as a Project Management Consultancy (PMC) for the construction of various infrastructure works at IIT-Bhubaneswar. The order is worth around ₹414 crore.
“The MoU with IIT-Bhubaneswar will be executed with mutually agreed terms & conditions,” the company said in the exchange filing.
Shares of the company were already upbeat along with other railway stock such as IRFC, RVNL, IRCON and IRCTC. The shares further rocketed after the announcement was made at around 12:25 pm.
The company is scheduled to release its December quarter results on Feb 1.
Price Action: RITES share price was up 13.81% to trade at ₹629.90 on Saturday afternoon.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.