RITES Share Jump. In a stunning move, shares of RITES Ltd. surged by 10.14% today, reaching ₹330.80 by 12:32 pm IST. This dramatic rise follows the announcement of a major Memorandum of Understanding (MoU) with Etihad Rail, the UAE’s national rail operator, marking a significant step in expanding the company’s international reach.
The stock opened at ₹306.00 and quickly climbed to a high of ₹333.25, before settling at ₹330.80. This rally comes on the heels of several major export orders and increasing interest from Foreign Institutional Investors (FIIs), who recently raised their stake in the company.
| RITES Ltd. Stock Summary | Details |
|---|---|
| Current Price | ₹330.80 (+10.14%) |
| Open | ₹306.00 |
| Day’s High | ₹333.25 |
| Day’s Low | ₹305.05 |
| Market Cap | ₹15.89K Cr |
| P/E Ratio | 37.27 |
| Dividend Yield | 2.72% |
| 52-Week High | ₹412.98 |
| 52-Week Low | ₹216.15 |
What Happened to RITES Share leading This Jump?
RITES Ltd. signed an MoU with Etihad Rail to collaborate on railway infrastructure services in the UAE and the broader region. This partnership will focus on key areas such as:
- Supply and leasing of rolling stock
- Consultancy and project management for railway projects
- Services like repairing and maintaining rolling stock and railway infrastructure
New Export Orders Boost Growth
RITES Ltd. has been on a winning streak with export orders. Earlier this month, the company secured a $4.28 million contract from Tsiko Africa Logistics for the supply and commissioning of overhauled diesel-electric locomotives. Additionally, RITES bagged a $5.4 million order from Ntokoto Rail Holdings for supplying and commissioning overhauled locomotives.
Growing FII Interest
The surge in the stock price is also being fueled by a rising interest from Foreign Institutional Investors (FIIs), who have increased their stake from 2.73% to 3.19% in just the past 10 days, according to the latest shareholding data.
Future Prospects
With its stock climbing closer to its 52-week high of ₹412.98, RITES Ltd. is poised for continued growth as it strengthens its foothold in international markets, particularly in the Middle East. The company’s expanding portfolio of export orders and strategic partnerships signals a robust outlook for investors and further gains in the near future.
Something went wrong. Please refresh the page and/or try again.
