1:1 Bonus Issue, Rs 5/Sh Dividend: Debt Free Navratna PSU Wins New Order Of Rs 454 Crore, Stock Dips 3.5%

Navratna PSU giant, RITES Ltd continues to bag new orders. On October 22, 2024, the company announced that it has received an order worth Rs 454 crore. Despite the new big deal, RITES share price ended at Rs 289.95 apiece, down by 3.4% on BSE.

As per the regulatory filing, the company informed that they have received an order from Karnataka Mining Environment Restoration Corporation for Construction of Railway PFT's at Dharmapura and Susheel Nagar in Ballari District under CEPMIZ for KMERC, was earlier awarded on Project Management Consultancy (PMC) basis has now been converted into turnkey basis.

The order is expected to be completed in a span of 30 months period from the date of signing of the Agreement or from the date of handling over of the site free of encumbrances to take up the construction activities, which is later.

The project is costed Rs 453.99 Crore excluding GST (including Project Management Consultancy fee).