Navratna PSU giant, RITES Ltd, witnessed huge buying sentiment on Monday, October 21, so much so that the stock price rallied by over 3% on BSE. The bullish sentiment comes after the company won big Rs 53.5 crore order during the weekend. RITES will be in focus ahead due to its upcoming Q2 results and second interim dividend announcement. The railway company holds a strong track record of dividends and bonus issue in 2024 so far.
RITES Ltd Share Price:
At the time of writing, RITES share price zoomed by 1.02% to trade at Rs 305.90 apiece, on BSE with market cap of Rs 14,701.67 crore. In the early trade, the stock rallied by 3.05% to hit an intraday high of Rs 312.05 apiece, compared to the previous session's print of Rs 302.80 apiece.
The stock is a little over Rs 100 away from hitting its 52-week high of Rs 413.08 apiece, while it surged significantly from its 52-week low of Rs 216.33 apiece. YTD, the stock zoomed by 21%.
RITES Ltd New Order:
As per the regulatory filing on October 19, RITES announced that it received the order from Andhra Pradesh Power Generation Corporation for providing bye-pass line connecting RTPP yard to Kalamalla Railway Station to RTPP Siding, which was earlier awarded on Project Management Consultancy (PMC) basis is now converted into a turnkey contract.
The project includes providing a bye-pass line connecting the RTPP yard to Kalamalla Railway Station, which was earlier awarded on a PMC basis and has now been converted into a turnkey basis.
The project is expected to be completed within 18 months. The value of the project is up to Rs 53.5 crore.
RITES Ltd:
As per the regulatory filing, RITES announced that a meeting of the Board of Directors of the Company is scheduled to be held on Wednesday, 6th November 2024 alia to consider, approve and take on record Standalone and Consolidated Unaudited Financial Results of the Company for the quarter and half year ended on 30th September 2024.
Also, the meeting may consider payment of the Second Interim Dividend, for the FY 2024-25, if any.
For this, RITES said that it fixed Friday, 15th November 2024 as the Record date for payment of the second Interim Dividend for the FY 2024-25, if declared by the Board.
In 2024 so far, the company delivered up to Rs 12.25 dividend per share to its investors. The latest dividend payout was Rs 5 per share for which RITES turned ex-dividend in September this year. In FY24, the company delivered dividends of 180% worth Rs 18 per share.
However, it needs to be noted that RITES' upcoming dividend is after its bonus issue in the ratio of 1:1, for which the company also turned ex-date on September 20.
RITES Share Recommendation:
As per Trendlyne, the consensus recommendation from 4 analysts for Rites Ltd. is HOLD. EPS is expected to grow by 1.8% in FY25. The 1-year average target price is at Rs 459.25 piece, hinting at a potential 51% upside.
RITES Limited, a Navratna and Schedule 'A' Central Public Sector Enterprise under the Ministry of Railways, incorporated on April 26, 1974, is a multidisciplinary engineering and consultancy organization, providing a comprehensive range of services from concept to commissioning in all facets of transport infrastructure and related technologies.
RITES is a leading player in the transport consultancy and engineering sector in India, providing a diverse range of services under one roof. RITES is uniquely placed in terms of diversification of services and geographical reach in various sectors such as railways, highways, metros, tunnels, bridges, urban engineering, sustainability & green mobility, airports, ports, ropeways, institutional buildings, inland waterways, etc.
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