Shares of RITES were gaining on Tuesday after the a transport infrastructure consultancy and engineering firm won a contract from Bangladesh Railway.
What Happened: RITES said during after-market hours on Monday that it has been awarded a letter of acceptance from Bangladesh Railway.
In accordance with the contract, RITES Limited is tasked with supplying 200 broad gauge passenger carriages to Bangladesh Railway. This major contract, valued at $111.26 million (₹928.8 crore), marks a milestone achievement for the company. The execution period for the project is set at 36 months, the company said in an exchange filing.
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The contract entails not only the supply of passenger carriages but also includes essential documentation such as drawings, parts catalogues, capital and maintenance spares, overseas training, study tours, service engineers, de-processing and commissioning.
Price Action: RITES’ share price was up 2.28% at ₹702.25 near the start of trade on Tuesday. The stock is up nearly 40% so far this year.
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