After RITES stated that it had secured Rs 297.67 crore in project implementation services for the construction of an Integrated Check Post (ICP) from the Ministry of External Affairs, the company’s shares rose 4.2% to reach their day’s high of Rs 309.
“Under Regulation 30 read with para B of part A of Schedule Ill of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, and SEBI Circular no. CIR/CFD/CFD-PoD-1/P/CIR/2023/123 dated July 13, 2023, we are pleased to inform you that RITES has received work for Project Implementation Services for the Construction of Integrated Check Post (ICP) from the Ministry of External Affairs, Govt. of India,” said RITES via a filing to the stock exchanges.
The project is anticipated to be finished during the next 59 months, including the defect liability period, according to the company’s announcement.
In the past year, as well as year-to-date, RITES’s stock has risen by around 18 per cent. However, the stock has dropped 12.8% and 14.74% during the last six and three months, respectively.
According to Trendlyne data, the stock is trading above its short-term exponential moving averages, or the 10 and 20 DEMA, on charts, but below the medium- and long-term exponential moving averages, or the 50, 100, and 200 DEMA.
On Friday, the BSE saw RITES’s shares close 0.74% lower at Rs 296.50.
