After Rs 4.50 Dividend, PSU Navratna Co Signs MoU With NEEPCO; Shares Up 4.10%

Mid cap PSU Navratna stock RITES Ltd shares gained 4.10% intraday today on BSE to 506.90 per share. Earlier, RITES Ltd informed BSE on December 22 about signing an MoU with North Eastern Electric Power Corporation Limited (NEEPCO) to collaborate on consultancy works for strengthening logistical infrastructure at various hydropower stations in the region, including the Siang Basin. RITES shares gained 48% year-to-date and soared 125% in last 5-years. RITES traded ex-dividend for Rs 4.50 per share dividend on November 8, 2023. Check details below:

RITES Inks MoU with NEEPCO: According to the regulatory filing of the company dated December 22, "To enhance the power infrastructure in the region, the Arunachal Pradesh Government has entrusted NEEPCO for executing five hydropower projects in the Siang Basin. As per the MoU MoU, RITES will also support NEEPCO as a Project Management Consultant for works related to rail infrastructure facilities, including signalling & telecommunications, overhead equipment, and conveyor systems. Also, the MoU entails works related to roads, buildings and other civil ancillary structures, including utilities."

RITES Stock Performance & Return: The stock's 52-week high price is Rs 506.45 per share and 52-week low price is Rs 305.75 per share, respectively. The company has a market capitalisation of Rs 12,183.31 crore. RITES shares declined 1.78% in last 1-week, soared 32% in last 6-months, rose 61% in last 1-year, gained 95% in last 2-years, and offered return of 90% in last 3-years.

RITES Dividend: As per the regulatory filing of the company dated October 31, 2023, "The Board of Directors has declared the second interim dividend of Rs 4.5 per share amounting Rs 108 crore. The record date for the purpose of payment of dividend is November 8, 2023."

About RITES Limited: RITES Limited is a Navratna Public Sector Enterprise and a leading player in the transport consultancy and engineering sector in India. It has diversified services and geographical reach. The company has an experience spanning 49 years and undertaken projects in over 55 countries in Asia, Africa, Latin America, South America, and Middle East region.

RITES Financial Performance: The navratna company for the quarter ended September 30, 2023 announced its net sales at Rs 582.36 crore, down 11.64% from Rs 659.08 crore in September 2022. Its quarterly net profit declared at Rs 101.15 crore for the quarter under consideration, down 23.61% as compared to Rs 132.42 crore in the corresponding quarter of last year. The company's EBITDA declared at Rs 164.29 crore for the September quarter, down 20.43% as against Rs 206.46 crore in September 2022.

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