Rites‘ shares extended gains to the second straight session on Friday after the company announced bagging the order from a Tata Group company.
What Happened: The railway company late on Thursday announced that it had bagged an order from Tata Steel Limited, Kalinganagar. The order is for Loco Hiring along with operation and maintenance. The order is worth around ₹40 crore.
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Last month, the railway infrastructure company announced that it signed a contract with Bangladesh Railway to supply 200 Broad Gauge passenger coaches. The deal, valued at $111.26 million (approximately ₹915 crore), was awarded through a global competitive bidding process and is funded by the European Investment Bank (EIB).
The railway major reported a consolidated net profit of ₹126.10 crore for the March quarter, reflecting a decline of around 5% from the ₹132 crore posted in the same quarter last year. The company's revenue from operations also decreased by approximately 6.2%, amounting to ₹643.25 crore compared to ₹686.81 crore in the corresponding quarter of the previous year.
Price Action: RITES' share price was up 1.33% to trade at ₹655.50 as the markets opened on Friday.
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