RITES shares rise 3% on securing 'major' order

RITES climbed in Monday's trade after the engineering consultancy firm said it has bagged a 'major' order. "We are pleased to inform you that The National Small Industries Corporation Ltd has given the letter of acceptance for engagement of RITES Ltd as quality assurance agency for quality inspection of 18 trades of Toolkits under PM Vishwakarma Scheme," the company stated in an exchange filing. The order is valued at Rs 67.50 crore.

The stock today rose 3.49 per cent to hit a day high of Rs 644.30. On BSE, around 2.35 lakh shares were last seen changing hands today. The figure was lower than the two-week average 2.38 lakh shares. Turnover on the counter stood at Rs 14.89 crore, commanding a market capitalisation (m-cap) of Rs 15,158.24 crore. There were 46,746 sell orders against buy orders of 17,889 shares.

The counter was trading lower than the 5-day, 10-, 20-, 30-day and 50-day simple moving averages (SMAs) but higher than the 100-day, 150-day and 200-day SMAs. The stock's 14-day relative strength index (RSI) came at 35.94. A level below 30 is defined as oversold while a value above 70 is considered overbought.

The company's stock has a price-to-equity (P/E) ratio of 31.87 against a price-to-book (P/B) value of 6.02. Earnings per share (EPS) stood at 19.53 with a return on equity of 18.90.

RITES is a leading player in the transport consultancy and engineering sector in India. It has diversified services and geographical reach. The company has undertaken projects in more than 55 countries in Asia, Africa, Latin America, South America, and Middle East region.