This PSU stock is trending on December 28

This PSU stock is trending on December 28

by 5paisa Research Team Last Updated: Dec 28, 2022 - 05:29 pm 5.5k Views
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The shares surged 4.5% on the day.

On December 28, the market is trading slightly in green. At 12:55 pm, the S&P BSE Sensex is at 60,950.65, up 0.04% on the day, while NIFTY50 is up 0.03% and trading at 18,139.35. About sectoral performance, Power and Auto are among the top gainers, while Healthcare and Metal are the top losers. Regarding stock-specific action, Rites Ltd is among the top gainers.

The shares of RITES Ltd surged 4.5% and are trading at Rs 327.75. The stock opened at Rs 320 and since has made an intraday high and low of Rs 330 and Rs 315.2, respectively.

RITES Ltd is a public sector enterprise that is a leading player in the transport consultancy and engineering sector in India, offering a wide range of services and having a large geographical footprint. The company is Indian Railways' sole export arm for providing rolling stock in the international markets.

FY22 was a very successful year for the company when the highest ever sales and net profit figures were recorded. The FY22 sales and net profit stood at Rs 2662 and Rs 539 crore, respectively. As per the FY22 period ending the company has ROE and ROCE of 21.1% and 30.2%, respectively.

For the latest September quarter, on a consolidated basis, the company generated revenue of Rs 659 crore, reporting a YoY decline of 13%. Similarly, its net profit declined by YoY 19.5% from Rs 174 crore in Q2FY22 to Rs 140 crore in Q2FY23.

About the shareholding pattern, 72.2% of the stake is owned by the Government of India, 1.48% by FIIs, 17.26% by DIIs and the rest 9.06% by non-institutional investors.

The company has a market capitalization of Rs 7875 crore and is currently trading at a PE multiple of 14.39. The stock has a 52-week high and low of Rs 433.2 and Rs 226.05, respectively.

The government’s focus on transport infrastructure is painting a positive outlook for the company.

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