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RITES Shares Surge on Domestic Station Redevelopment and African Locomotive Orders

RITES shares jumped over 6% on Wednesday on news of a Rs 37.81 crore Tumakuru Station contract alongside a $3.6 million purchase order for overhauled ALCO locomotives destined for Zimbabwe, Mozambique, Botswana.

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RITES | Image: RITES
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Overview

  • RITES shares climbed 7.4% to Rs 299.80 on July 2, far outperforming the NSE Nifty 50’s 0.18% decline.
  • The RITES-Aryan JV won a Rs 37.81 crore Letter of Acceptance from South Western Railway to redevelop Tumakuru Station with civil, signal, telecommunication and electrical works.
  • The firm secured a $3.6 million purchase order from African Rail Company to supply and commission two overhauled Cape Gauge ALCO diesel-electric locomotives with full technical and warranty support.
  • Both projects carry strict deadlines of 540 days for the Tumakuru redevelopment and nine months for the African locomotive deployment.
  • These contracts raise RITES’ order book to five new awards in three months following a robust Q4 FY25 performance of Rs 639 crore in revenue and Rs 141 crore in profit.