Shares of railway engineering firm RITES were muted on Friday morning after the company emerged as the lowest bidder in a tender issued by the Delhi Metro Rail Corporation Limited (DMRC).

What Happened: The project, which involves retrofit work in RS-1 trains, is worth around ₹87.58 crore, including taxes. RITES will hold a 49% stake in the project, amounting to about ₹42.91 crore. The contract is anticipated to be completed within three years of the issuance of the letter of award.

“The order is subject to award after the due process of Delhi Metro Rail Corporation Limited’s scrutiny as per the requisite requirements mentioned in the tender documents,” according to a press statement released on Thursday.

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Earlier this month, the company also emerged as the lowest bidder in a tender floated by the UP State Bridge Corporation, whose estimated value was over ₹60 crore.

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.

It has also joined hands with NBCC 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 aims to enhance operational synergy among the entities across multiple sectors, focusing on innovative projects in urban energy, water management, urban transport, infrastructure and township development.

Price Action: RITES’ shares were muted at ₹361.90 on Friday morning.

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