Rs 6,535 crore order book: This railway engineering company signs MOU with Transnamib Holdings Limited!
The stock is up by 57 per cent in 1 year and over 125 per cent in 5 years.
RITES Ltd has informed both the exchanges (NSE & BSE) that the company signed a copy of the MOU received from Transnamib Holdings Limited, Namibia. The scope of an MOU is cooperation in the area of the development of Railways and related Infrastructure including supply of rolling stock.
Earlier, the company signed contract agreements with National Railways of Zimbabwe (NRZ) for the supply of rolling stock (3000 HP diesel-electric locomotives and high-sided open wagons) valuing USD 8,11,75,500 (Approx. Rs 665 crore)
As of March 31, 2023, the company's order book amounted to Rs 5,870 crore. With the addition of the aforementioned order, the company's order book now stands at Rs 6,535 crore.
On Tuesday, shares of Rites Ltd plunged 0.19 per cent to Rs 371.10 per share from its previous closing of Rs 371.80 per share. The stock has a 52-week high of Rs 433.20 and a 52-week low of Rs 229.15.
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With a wide range of services and a national presence, RITES Limited is a public sector company that dominates the Indian engineering and transportation consulting market. The firm is the sole international supplier of rolling stock for Indian Railways (other than Thailand, Malaysia and Indonesia).
The company reported excellent numbers in both Quarterly Results and annual results. The stock has a PE of 16.40x, a ROE of 22 per cent and a ROCE of 31 per cent. The stock is up by 57 per cent in 1 year and over 125 per cent in 5 years. Investors should keep a close eye on this multibagger railway engineering stock under the radar.