RITES gains after JV firm bags order worth Rs. 361 crore.

RITES advanced 2.50% to Rs. 296.90 after the company said that it has secured a new business order with JV Partner, for redevelopment of Kollam Railway Station for Rs. 361.18 crore from Southern Railway, Ernakulam, Kerala.

"The share of RITES in the order is 51%, the Miniratna company said in a statement.

RITES is a Miniratna (Category I) schedule '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). As of 30 June 2022, the Government of India held 72.2% stake in the company.

BS