RITES shares soar over 2% as it emerges as lowest bidder for ₹28 crore GUDC project

Shares of RITES surged 2.18% to an intra-day high of ₹285.40 apiece on the National Stock Exchange (NSE) on Tuesday, May 3. This comes after the PSU emerged as the lowest bidder at ₹28.50 crore, excluding GST, for Gujarat Urban Development Company Ltd’s (GUDC) project.

The stock settled flat at ₹279.30 apiece during closing on Tuesday, on the NSE.

Rail India Technical and Economic Service (RITES) emerged as the L1 (lowest) bidder for GUDC’s project to appoint a third-party inspection company for Atal Mission for Rejuvenation and Urban Transformation (AMRUT 2.0) for Gujarat’s urban local bodies. More specifically, it involves the water supply schemes (WSS), underground drainage (UGD) and sewage treatment plant (STP) under the AMRUT 2.0 programme.

The project will be awarded to RITES by GUDC only after “due process of scrutiny and overall evaluation (technical and financial)” as per the requisite requirements mentioned in the tender, the former said in a regulatory filing.

RITES will complete the assigned tasks within sixty months of receiving the letter of award (LoA) or notice to proceed (NTP) from the contract issuer.

RITES inks pact to develop rail infrastructure

In late May, RITES announced that it had entered into a memorandum of understanding (MoU) with Shree Cement Limited for the development of rail infrastructure and allied services.

RITES stock performance

The RITES shares gained 1.41% over the past week and 23.24% in May. The scrip has surged 25.4% over the past two months but lost 3.91% on a year-to-date basis.

The stock hit its 52-week low of ₹192.40 on March 3, 2025, and a high of ₹398.45 on July 8, 2024.

RITES has a total market capitalisation of ₹13,449.70 crore, as of May 3, 2025, on the NSE.