Rites Ltd (NSE: RITES): The shares of Rail India Technical and Economy Service Limited (RITES), a Navratna public sector company owned by the Ministry of Railways, registered a good rise on Monday.
In Monday’s early trade, Rites Ltd’s share was trading with a rally of 4.2 percent. The government-owned company announced that it had received an order of Rs 297.67 crore, after which buyers became active in this railway stock as soon as the market opened on 16th December.
Jump Of More Than 4 Percent
The share of Rites Ltd made their intraday high at the level of Rs 309 with a gain of more than 4.2 percent, while on Friday they closed at the level of Rs 296.45.
The company has informed us that it has received an order of Rs 297.67 crore from the Ministry of External Affairs for Project Execution Service for the construction of Unified Check Post (ICP).
Big Order Received From The Ministry Of External Affairs
The government rail company told the exchange filing, following Regulation 30 read with Para B of Part A of Schedule III of the Securities and Exchange Board of India Regulations, 2015 and SEBI Circular No.
CIR/CFD/CFPoD-1/P/CIR/2023/123 dated July 13, 2023, we are pleased to inform you that RITES has received work for project implementation services for the construction of Integrated Check Post (ICP) from the Ministry of External Affairs, Government of India.
Stock Performance
The company further said that the work is likely to be completed in the next 59 months with a defect liability period. Let us tell you that Rites Ltd’s share has gained 16.46% during the last year.
However, investors have suffered losses in the last 6 months and 3 months period. Its share has fallen more than 14 percent during 6 months, while a decline of about 10 percent has been recorded in 3 months.
Technical View
According to data, on a technical basis, the stock is trading above its short-term exponential moving average (10 and 20 DEMA) but below its medium and long-term exponential moving average (50, 100, and 200 DEMA).
Quick Fact
| Company name | Rites |
|---|---|
| Stock price (3 pm) | ₹302.70 |
| Order | ₹297.67 crore |
| Project | Integrated Check Post (ICP) |
| Client | Ministry of External Affairs |
| Work Duration | 59 months |
| Share Gain (1 year) | 16.46% |
| Share Decline (6 months) | -14.79% |
| Share Decline (3 months) | -10% |
| Short-term Moving Average | Above 10 & 20 DEMA |
| Medium/Long-term Moving Average | Below 50, 100, 200 DEMA |
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