Shares of railway firm RITES were on the rise after the company passed a slew of resolutions in its 50th annual general meeting.

What Happened: The board voted by 99.99% to confirm the first, second and third interim dividend declared in FY 2023-24 and to declare the final dividend on equity shares for the financial year ended March 31, 2024. Additionally, the company also approved by a majority, a 1:1 bonus equity share for shareholders. The record date for the bonus issue is September 20.

In FY24, the public sector firm announced a final dividend of ₹5, in addition to the three interim dividends totalling ₹13 per share. The record date for the final dividend payout is September 20.

See Also: Govt Receives ₹1,610 Cr Dividend From NTPC

In the first quarter of FY25, the railway company's consolidated net profit came in at ₹90 crore, down 24% from the ₹119 crore posted in the same quarter last year. The revenue from operations for the quarter stood at ₹485 crore, down 12% year-on-year.

Earlier this month, the railway infrastructure firm bagged an order from the Government of Uttar Pradesh. The ₹60 crore order 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.

Price Action: RITES rose 2.09% to ₹695.65 on Friday afternoon.

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