Shares of RITES, a transport infrastructure consultancy, shot up after the company bagged a contract from the Government of Uttar Pradesh.

What Happened: RITES was found to be the lowest bidder in a tender floated by the UP State Bridge Corporation, the company said in a press release on Friday. The estimated value of the bid is over ₹60 crore, it added.

The tender pertains to consultancy services for the construction of civil works (CSC) including supervision, monitoring, quality control and work zone safety for the construction of bridges, rail over and under bridges, flyovers and elevated roads across various districts of Uttar Pradesh.

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The order is pending approval following the necessary scrutiny and evaluation process under the requirements outlined in the tender documents. If awarded, the contract is expected to be executed within 36 months from the date of issuance of the letter of award.

The development comes on the heels of RITES’ strategic partnership with NBCC (India), a Central public sector enterprise (CPSE) under the Ministry of Housing Development.

RITES and NBCC inked a memorandum of understanding (MoU) earlier this week to explore and execute a broad spectrum of consultancy, fee-based projects and engineering, procurement, and construction (EPC) contracts, from inception to commissioning. The joint venture is intended to boost operational synergy between the entities across various sectors and innovative projects.

Price Action: RITES was trading 1.35% higher at ₹673.50 on Friday.

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