1:1 Bonus Share: Navratna PSU Bags Order From UP State Bridge Corp, Ex-Bonus Soon

Mid cap Navratna public sector undertaking, RITES Ltd shares jumped nearly 2% in last 1-week. The PSU on September 6 said it emerged as the lowest bidder (L1) in the tender floated by UP State Bridge Corporation Limited. Last trading price of RITES shares on BSE is Rs 662.10 per share on BSE with decline of 0.35% in trade on September 6, 2024. RITES recommended 1:1 bonus share and shares will trade ex-bonus on September 20, 2024. Earlier RITES also recommended Rs 5/share dividend of the face value of Rs 10/- each for FY 2023-24. The company fixed August 7, 2024 as the record date. Its market capitalisation stood at Rs 16,637.30 crore. Check details below:

RITES Ltd Receives New Order: As per the regulatory filing of RITES Ltd issued as on September 6, 2024, "we are pleased to inform you that RITES is the lowest bidder (L-1) in the tender floated by UP State Bridge Corporation Limited for Consultancy Services for Construction of Civil works (CSC) for supervision, Monitoring, Quality Control and Work Zone Safety for Construction of Bridges, Rail Over/Under Bridges, Flyovers and Elevated Roads including approaches in several districts of Uttar Pradesh. The order is subject to award after the due process of scrutiny / evaluation by the UP State Bridge Corporation Limited as per the requisite requirements mentioned in the tender documents. The estimated value of the bid is Rs. 60.03 Crore plus GST."

RITES Shares Performance: The 52-week high price of RITES shares on BSE is Rs 826.15 apiece (as on 27/02/2024) and 52-week low price is Rs 432.65 apiece (as on 26/10/2023), respectively. RITES shares gained 2% in last 1-week, slipped over 3% in last 1-month, soared 31% year-to-date, jumped 31% in last 1-year, and zoomed 121% in last 2-years.

RITES Bonus Share: The BSE filing of RITES dated Aug 14, 2024 stated, "pursuant to Regulation 42 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Company has fixed Friday, 20th September, 2024 as the Record Date for the purpose of Bonus Issue.

RITES Dividend In 2024: The exchange filing of RITES Ltd issued as on May 28, 2024 said, "recommended Dividend of Rs. 5.00/- per share (i.e. 50%) on 24,03,01,887 equity shares of face value of Rs. 10 /- each of the Company for the financial year 2023-24, subject to approval of the same by the Shareholders in the ensuing 50th Annual General Meeting of the Company."

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.

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