₹500 Crore Order Boosts RITES Stock to 52-Week High

₹500 Crore Order Boosts RITES Stock to 52-Week High
₹500 Crore Order Boosts RITES Stock to 52-Week High

by 5paisa Research Team Last Updated: Jul 24, 2023 - 07:58 pm 305 Views

RITES, a company specializing in railway infrastructure and related services, witnessed a surge in its stock price of 7% on July 24, 2023, reaching a 52-week high of ₹496.70. 

This increase was driven by the company's success in securing a significant order worth ₹500 crore from CFM, Mozambique. The order comprises the delivery of ten locomotives and 150 wagons to CFM.

The company's successful bid for this large-scale project in Mozambique has instilled confidence among investors, leading to a positive impact on its stock price. 

Moreover, RITES had earlier signed a notable memorandum of understanding with TransNamib Holdings Limited in Namibia, aiming to support the development of railways and related infrastructure, which further adds to the positive sentiment surrounding the company's growth prospects.

Investors are looking forward to the upcoming board of directors meeting on July 28, 2023. The board will consider and approve the standalone and consolidated unaudited financial statements for the quarter ended June 30, 2023, at this meeting. 
Additionally, the board may also consider the payment of the first interim dividend for the financial year 2023-2024.

The potential announcement of interim dividends could further boost investor confidence and attract more interest in RITES' stock. The company's expansion efforts and successful collaborations are likely to play a pivotal role in its ongoing growth trajectory in the international market.

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