Shares of RITES Ltd. made headlines today after the firm announced that it had received a $97.13 million order from the Co-operative Republic of Guyana’s Ministry of Public Works. The Palmyra Highway is to be upgraded to Moleson Creek Highway. On Friday, RITES stock rose 2.99% to Rs 296 from its previous close of Rs 287.40. In the previous session, the company’s market capitalization increased to Rs 14,225 crore. With a one-year beta of 1.5, RITES shares show significant volatility over that time frame.
RITES Limited Share Price
The business revealed in an exchange filing on Saturday, December 7, that it had won the highest offer (H-1) for a $9.71 million engineering services project in Guyana. The price of RITES shares increased by as much as 4.4% to ₹309.3 after this announcement. On the BSE, RITES stock was up 2.79 percent at ₹304.25 at 11:18 a.m. The market capitalization of the company is ₹14,622.37 crore. On February 27, 2024, the price of RITES shares reached its 52-week high of ₹412.98.
Details of the Guyana Highway Project
In order to plan, construct, and finance the Palmyra to Moleson Creek Highway project, RITES Limited will supply engineering services. With an estimated cost of $97.13 million, the project will be finished in 60 months and divided into: Pre-construction and building took 36 months. The liability period for defects after construction is 24 months.
The client’s acceptance letter is still pending, even though RITES has emerged as the H-1 bidder. This accomplishment highlights the strength of RITES’ bid strategy and technical prowess in landing global assignments.
As it keeps growing its geographic presence in global markets, this order represents a major accomplishment for RITES. Gaining a project in Guyana enhances the business’s standing as a trustworthy infrastructure consulting firm worldwide.
The project is in line with RITES’ plan to diversify its holdings and take advantage of global infrastructure growth prospects, especially in developing nations.
