Shares of RITES Ltd. rose more than 8% in early trade on Tuesday after the state-run engineering and consultancy company secured a $35.82 million international contract to supply and commission diesel electric locomotives.
The stock traded at Rs 234 on the NSE at around 10:17 a.m., up from its previous close of Rs 216.15. During the same period, the Nifty 50 advanced 0.24%.
The order adds to RITES' international business pipeline and follows another contract win announced recently, as the company continues to expand its order book.
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$35.8 Million Overseas Contract
RITES said it received a $35.82 million order from Volantis Asset Finance (Pty) Ltd. to supply and commission 4,000 HP Cape Gauge diesel electric locomotives. The company said the locomotives are to be delivered over the next 20 months.
"The contract agreement shall be signed against this communication after due diligence at both ends and thereafter, the same shall be added to the order book," the company said in an exchange filing on Tuesday.
In a separate exchange filing, RITES said Dineshananda Goswami will cease to be an independent director with effect from July 7, 2026, on completion of his one-year tenure.
The company had recently secured a project management consultancy contract worth Rs 175.4 crore, excluding GST, from Babasaheb Bhimrao Ambedkar University.
Share Price Performance
RITES shares have gained about 13% over the past week, compared with a 1.8% rise in the Nifty 50.
Despite the recent rally, the stock is down 5.04% so far in 2026, while the Nifty 50 has declined 2.1% during the same period. Over the past one year, RITES shares have fallen 18.06%, compared with a 0.62% decline in the benchmark index.
ALSO READ: RITES Shares Jump 11% After Winning Rs 175 Crore Infrastructure Project
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