RITES Wins Rs 148-Crore Contract From IIM Raipur
IIM Raipur has appointed RITES as project management consultant for developing the second phase of its campus.
RITES Ltd. on Thursday received a contract from Indian Institute of Management, Raipur for the development of a new campus. The project is worth Rs 148.25 crore.
IIM Raipur has appointed the company as project management consultant for execution, supervision, monitoring and development of phase 2 of the campus, according to an exchange filing.
The project is expected to be completed in two years.
RITES is a leading player in transport consultancy with a presence in over 55 countries.
RITES, a 'Navratna' company under the Ministry of Railways, is an engineering and consultancy organisation, providing a range of services from concept to commissioning in transport infrastructure and related technologies.
In October, RITES signed a memorandum of understanding with Etihad Rail to work on rail infrastructure projects in the United Arab Emirates.
The two companies will collaborate on developing advanced IT solutions to improve train operations and passenger management, with a strong emphasis on innovation and technology.
The company has an order book of Rs 6,600 crore, as per latest records.
Shares of RITES closed 0.19% lower at Rs 287.4 apiece on the BSE, compared to a 1% climb in the benchmark Sensex. The stock has risen 20% over the past 12 months.
Out of the seven analysts tracking the company, five have a 'buy' rating on the stock, and two suggest a 'hold', according to Bloomberg data. The average of 12-month analysts' price target of Rs 334.4 implies a potential upside of 16%.
