RITES Secures Additional Work Order; Contract Value Doubles to $10.80 Million, Stock Rises nearly 4%

 

Summary:

RITES Ltd has received an addendum to its contract agreement with Ntokoto Rail Holdings Pty. Ltd., awarding additional work for the supply and commissioning of overhauled Cape Gauge ALCO Diesel Electric Locomotives. With this revision, the contract value has doubled from $5.40 million to $10.80 million (CIF). The execution timeline for the additional work is six months from the receipt of advance payment.

Stock Performance:

  • Following the announcement, RITES' stock climbed nearly 4%, reaching an intraday high of Rs.212.40.
  • Market Cap : Rs.10,152.27



Key Data Points:

  • Client: Ntokoto Rail Holdings Pty. Ltd.
  • Project Scope:
    • Supply & commissioning of overhauled Cape Gauge ALCO Diesel Electric Locomotives
    • New Cape Gauge Bogies, Traction Motors, Control System, and Air Brake System
    • On-site warranty support for one year
  • Contract Value: Revised from $5.40 million to $10.80 million (CIF)
  • Execution Timeline: 6 months from the receipt of advance payment
About the Company:

Established in 1974, RITES Limited is a public sector enterprise and a leading player in the transport consultancy and engineering sector in India, having diversified services and geographical reach. The company is the only export arm of Indian Railways for providing rolling stock overseas (other than Thailand, Malaysia and Indonesia).

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