RITES Shares Surge To Seven Month High After Bagging Rs 28.5-Crore Order
RITES was the lowest bidder for a tender by Gujarat Urban Development Co.
The share price for RITES Ltd. rose as high as nearly 7% to reach a seven month high in early trade on Thursday. The company had won an order worth Rs 28.5 crore after emerging as the lowest bidder for a tender floated by Gujarat Urban Development Co., as per an exchange filing on Tuesday.
The tender was for WSS/UGD/STP projects under Amrut 2.0 and Swarnim Jayanti Mukhya Mantri Shaheri Vikas Yojana under GUDC for urban local bodies of Gujarat, according to an exchange filing.
The order is subject to award after the due process of scrutiny and overall evaluation (technical and financial) by the Gujarat Urban Development Co., as per the requisite requirements mentioned in the tender documents.
On May 28, the company had entered into an MoU with Shree Cement Ltd. for development of Rail Infrastructure and allied services, according to an exchange filing.
RITES Share Price
The scrip rose as much as 6.92% to Rs 316 apiece, the highest level since Oct. 17, 2025. It pared gains to trade 3.49% higher at Rs 305.85 apiece, as of 10:05 a.m. This compares to a 0.51% advance in the NSE Nifty 50.
It has risen 4.89% on a year-to-date basis, and 0.70% in the last 12 months. Total traded volume so far in the day stood at 11 times its 30-day average. The relative strength index was at 57.16.
Out of six analysts tracking the company, two maintain a 'buy' rating, three recommend a 'hold' and one suggests 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 4%.
