Rs 5,702 crore order book: This civil construction company signs MoU with Caminho De Ferro De Mocamedes (CFM) Angola for railways infrastructure!

The stock is up by 52 per cent in just 6 months and over 90 per cent in 2 years.

RITES Limited, a leading transport infrastructure consultancy and engineering company, signed a Memorandum of Understanding (MoU) with Caminho De Ferro De Mocamedes (CFM) Angola for cooperation in the development of Railways and related infrastructure, including the supply of rolling stock. As part of the MoU, RITES and CFM Angola will collaborate in areas such as the supply of rolling stock, railway infrastructure projects, repairing of rolling stock, operations and maintenance of railway infrastructure, information technology services, technical maintenance and master planning and more.

Earlier, the company signed a Memorandum of Understanding (MoU) with iHUB DivyaSampark, IIT-Roorkee, to jointly explore business opportunities related to innovative technologies. Under this arrangement, RITES and iHUB DivyaSampark IIT-Roorkee will collaborate on projects, events, and network facilitation to explore opportunities for cyber-physical systems-related innovation and emphasis on developing technology/industry 4.0 and AI-based solutions to meet the industry's requirements.

As of June 30, 2023, the company's order book amounted to Rs 5,702 crore. The company secured more than 70+ orders worth Rs 300+ crore.

On Wednesday, shares of Rites Ltd surged 2.16 per cent to Rs 525.3 per share with an intraday high of Rs 537.35 and an intraday low of Rs 502.2. The stock has a 52-week high of Rs 583.45 and a 52-week low of Rs 281.85.

The company reported excellent numbers in both Quarterly Results and annual results. The stock has an ROE of 21.3 per cent and a ROCE of 31 per cent. The stock is up by 52 per cent in just 6 months and over 90 per cent in 2 years. Investors should keep a close eye on this civil construction stock under the radar.

Disclaimer: The article is for informational purposes only and not investment advice.