Rs 5/Share Dividend Soon: Navratna PSU Inks MoU With DMRC, DVC; Shares Zoom

Mid cap Navratna public sector undertaking, RITES Ltd shares on Friday zoomed 3.74% in trade today on BSE to Rs 705.30 per share. RITES shares offered return of 40% year-to-date and zoomed 195% in last 2-years. Rites on June 13 signed an MoU with DMRC and today inked another MoU with DVC, a statutory body under Ministry of Power. Earlier this year, RITES Ltd recommended Rs 5/share dividend of the face value of Rs 10/- each for FY 2023-24. Check key details below:

RITES Inks MoU With DMRC: As per the regulatory filing issued as on June 13, 2024, "RITES Ltd. signed a Memorandum of Understanding (MoU) with Delhi Metro Rail Corporation Ltd. (DMRC) for collaboration in comprehensive operations and management projects of Metro Railway Systems, including Rolling Stock, Depot Management, Station Management, maintenance of Railway Infrastructure, etc. in India and abroad."

The partnership aims at streamlining the process for jointly exploring, identifying, securing, and executing consultancy assignments for operations and management of Metro/LRT/Mass Rapid Transit Systems in India and abroad, added the BSE filing.

RITES Signs MoU With DVC: The exchange filing of RITES dated June 14 stated, "RITES today signed an MoU with Damodar Valley Corporation (DVC), a statutory body under the Ministry of Power, to collaborate for the comprehensive maintenance and operational management of railway sidings, signalling and telecommunication (S&T) systems, and 25KV Overhead Electrification (OHE) isolators across DVC's private railway network in West Bengal and Jharkhand."

RITES Dividend: 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."

Rites Financials: The total consolidated income of RITES for the quarter ended March 31, 2024 announced at Rs 667.68 crore, down 5.68% as against Rs 705.63 crore declared in the corresponding quarter of last year. Total consolidated expenses for the quarter announced at Rs 483.32 crore from Rs 514.17 crore announced in March 2023. Earnings per share or EPS for March 2024 declared at Rs 5.25 from Rs 5.49 in March 2023. For the full year, RITES announced its consolidated profit at Rs 495.20 crore for March 2024 as against Rs 570.97 declared in March 2023.

RITES Ltd Stock Performance & Return: 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 365.00 apiece (as on 04/07/2023), respectively. RITES has a market cap of Rs 16,948.49 crore. RITES shares surged 37% in last 6-months, rose 86% in last 1-year, soared 153% in last 3-years. In last 5-years, RITES stock zoomed 200%.

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.

Disclaimer: The stock highlights Inking of MoUs, dividend, Q4 Results and is not a recommendation to buy, sell or hold. We have not done fundamental or technical analysis and have no opinion on the stock mentioned. Neither, the author nor Greynium Information Technologies should be held liable for any losses. Please consult a professional advisor.