Railway PSU Emerges Lowest Bidder In Tender Floated By Bangladesh Railway

RITES shares open in green after the company on October 5, 2023, announced that it has emerged as the lowest bidder in a contract announced by Bangladesh Railway. The contract is worth more than USD 111.003 million. Bangladesh Railway has issued a tender for the purchase of 200 Broad Gauge (BG) Passenger Carriages.

"RITES is the lowest bidder (L-1) in the tender floated by Bangladesh Railway (price proposal opened on October 5, 2023). The estimated order value is approximately USD 111,003,177 (One Hundred Eleven Million Three Thousand One Hundred Seventy Seven US Dollars)," the Board of Directors of Rites said in an exchange filing.

Particulars	Details
a) name of the entity awarding the order(s)/ contract(s)	Bangladesh Railway
b) significant terms and conditions of order(s)/ contract(s) awarded in brief	Procurement of 200 Broad Gauge (BG) Passenger Carriages for Bangladesh Railway
c) whether order(s) / contract(s) have been awarded by domestic/ international entity	International Entity
d) nature of order(s) / contract(s)	Procurement of 200 Broad Gauge (BG) Passenger Carriages for Bangladesh Railway
e) whether domestic or international	International
f) time period by which the order(s)/contract(s) is to be executed
g) broad consideration or size of the order(s)/ contract(s)	USD 111,003,177 (One Hundred Eleven Million Three Thousand One Hundred Seventy Seven US Dollars)
h) whether the promoter/ promoter group / group companies have any interest in the entity that awarded the order(s)/contract(s)? If yes, nature of interest and details thereof	No
i) whether the order(s)/contract(s) would fall within related party transactions? If yes, whether the same is done at "arms length".	No

Stock Outlook

Current market price of RITES' shares is Rs 489.90 apiece, up 1.01% from its previous close of Rs 485 apiece on the BSE. The stock has given negative returns in the past 1 month. It declined by 0.69% in 1 week, and 5.34% in 1 month, respectively. It gained 40.70% in 1 year. It gained 89.53% in 3 years, and 165.09% in 5 years.

Its 52-week high is Rs 583.45 apiece and its 52-week low is Rs 305.75 apiece on the BSE. It has a market cap of Rs 11,772.39 Crore.

About - RITES Limited

RITES Limited is a Miniratna (Category-I) and Schedule 'A' Central Public Sector Enterprise under the Ministry of Railways. The company, incorporated on April 26, 1974, is a multidisciplinary engineering and consulting firm that offers a full range of services from idea to commissioning in all aspects of transport infrastructure and related technology.