01 Apr , 2025 By : Debdeep Gupta
RITES shares broke four-day losing streak and rises nearly 3 percent in the opening trade on April 1 following the company received contracts worth s 312.75 crore from Oil India and Numaligarh Refinery.
At 09:20am, RITES was quoting at Rs 229.95, up Rs 6.58, or 2.95 percent, on the NSE.
The company received letter of award (LoA) from Oil India (OIL) of Rs 157.25 crore for construction of workmen housing complex (BQ Area) at OIL, Duliajan on turnkey basis under depository works mode, to be completed in 36 months.
The company also received LoA worth Rs 155.50 crore from Numaligarh Refinery for railway sidings at NRL Panchgram Terminal, 3rd Railway Spur at Rangapani (SMT) and Duliajan (Crude Oil TW Loading Railway Siding) of OIL on turnkey on cost plus mode.
The said work is to be completed in 24 months from site handover.
On March 17, the company received the addendum to the contract agreement whereby Ntokoto Rail Holdings Pty. has awarded additional work for supply and commissioning of overhauled in-service of Cape Gauge ALCO Diesel Electric Locomotives fitted with new Cape Gauge Bogies, Traction Motors, Control System Air braked, etc. overhauled at nominated facility and on-site warranty support for one year.
The value of order has been revised from USD 5.40 million (CIF) to USD 10.80 million (CIF) and to be executed in 6 months.
On March 6, the company received a LoA from South Central Railway for a project worth Rs 27.9 crore. The project involves carrying out a final location survey for the High-Speed Elevated Rail Corridor between Hyderabad-Bengaluru and Hyderabad-Chennai.
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