Shares of RITES gained over 2% in Friday's early trade after the company said it has bagged a Rs 206-crore contract to construct four roads over bridges in Andhra Pradesh from Indian Railways.
The public sector enterprise and a leading player in the transport consultancy and engineering sector said, "RITES has been awarded a turnkey contract for construction of (ROBs) in replacement of existing level crossings on competition basis from Railway Board amounting to Rs 205.85 crore".
Following the update, RITES share price touched an intraday high of Rs 247.75, rising 2.35% against the last close of Rs 242.05. The stock price of RITES also touched an intraday low of Rs 242.50, after opening at Rs 243.15.
RITES shares trade higher than 100-day moving averages but lower than 5, 20, 50 and 200-day moving averages. Market capitalisation of the firm stood at Rs 6,095 crore as of today's session.
"This turnkey contract covers the construction of 4 nos of ROBs in replacement of level crossings in Vijaywada division of SCR on Vijaywada-Vishakhapatnam section in the state of Andhra Pradesh," it added.