The stock price of state-owned RITES Ltd rose over 16% and hit a new 52-week high on Saturday. This happened after the company got a building project worth Rs 414 crore from IIT Bhubaneswar.
RITES Limited will help IIT Bhubaneswar improve its infrastructure as part of the Institute of Eminence plan. They will do this by providing project management consulting services.
The new order made RITES’s share price go through the roof. At 2 pm on the BSE, each share was worth Rs 657, up 16.4%. The stock hit a new 52-week high of Rs 657, and its market value went over Rs 15,400 crore.
The share price of the company has made huge gains over a number of time periods. It’s gone up 23% in the last week, 32% in one month, 30% in three months, 27% so far this year, and 87% in one year.
Following the project details, RITES will provide full PMC services for the new facilities being built at IIT Bhubaneswar. on 135 acres of land. It includes roads, parking lots for vehicles, school zones, homes, utility services, and landscaping.
The Miniratna PSU company is an expert in planning and consulting for transportation infrastructure. It has worked on a lot of well-known projects in areas like roads, ports, airports, ropeways, and public transportation in cities.
Rajeev Mehrotra, Chairman and Managing Director of RITES Ltd, said of the new order, “We feel privileged to have received yet another order from the prestigious IIT system.”
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He also said that RITES’ skills and experience in building cutting-edge infrastructure projects are a good fit for the project.
The new project win comes after RITES won a string of high-value orders over the past year. This has made it easier for the company to see its order book and future income.