RITES wins ₹42 crore road development project from Assam govt

The state-run company informed stock exchanges that it has secured a contract from the Assam government's Public Works Roads Department (PWRD) for third-party monitoring and quality control for 47 roads.

The company informed the stock exchanges that the contract size is ₹42.53 crore, excluding GST, and the project period is 18 months.

The company said the PWRD of the Assam government has given the Letter of Acceptance for consultancy services.

The contract provides consultancy services for third-party monitoring and quality control for 47 roads (996.70 km) across Assam under the Asom Mala 2.0 programme.

RITES Ltd provides consultancy services such as techno-economic and feasibility studies, preparation of detailed project reports, design engineering services, project management consultancy services, quality assurance services and inspection and others in the railways, road, airports and other segments.

The PSU announced last month its collaboration with Damodar Valley Corporation (DVC) for comprehensive maintenance and operational management of railway sidings, signalling, and telecommunication systems across DVC’s private railway network in West Bengal and Jharkhand.

The Navratna PSU also signed an MoU with Eastern Railway’s Andal Diesel Shed, Asansol Division, West Bengal, on major schedule repair and maintenance of Diesel-Electric Locomotives owned by RITES and other clients at the Andal Diesel Shed facility.

RITES Ltd shares gained up to 1.23% to hit a high of ₹769 per share on the NSE in morning deals. However, the stock pared gains and was trading 1.2% lower at ₹750 apiece at 12:45 p.m.

RITES Ltd shares have risen more than 50% in 2024 so far on order flows. The stock traded at 52-week high levels of ₹825.95 in February. In the past year, RITES Ltd shares have risen by 85%.