Shares of railway engineering firm RITES‘ were little changed on Friday after the company bagged a contract from Adani Ports & SEZ Limited (APSEZ).

What Happened: The public sector firm has secured a significant railway operation and maintenance contract from Adani Ports & SEZ, the company said in a press release on Friday. The contract, worth around ₹100 crore, excluding taxes is for five years commencing from November 1, 2024.

The contract is for providing services at the Dhamra Port Company. The detailed letter of intent will be issued in due course, based on mutually agreed rates and other relevant terms and conditions, the company said in a statement.

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On Thursday, RITES said it emerged as the lowest bidder in a tender issued by the Delhi Metro Rail Corporation Limited (DMRC).

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.

Price Action: RITES was trading flat at ₹364.35 on Friday afternoon.

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