RITES shares rise 4% on fresh order win 

Shares of RITES Ltd surged over 4% on Friday after the company announced it has been appointed as Project Management Consultant (PMC) for Phase II Campus of Indian Institute of Management Raipur (Chhattisgarh) Project on cost plus basis from Indian Institute of Management Raipur (IIM Raipur).

RITES stock rallied 4.36% to Rs 299.95 against the previous close of Rs 287.40. Market capitalization of the company climbed to Rs 14,334 crore.

RITES shares have a one-year beta of 1.5, indicating high volatility during the period.

In terms of technicals, the relative strength index (RSI) of RITES stands at 49, signaling it's trading neither in the overbought nor in the oversold zone. RITES shares are trading lower than the 50 day, 100 day, 150 day, 200 day but higher than the 5 day, 10 day, 20 day and 30 day moving averages.

"We are pleased to inform you that RITES has been appointed as Project Management Consultant (PMC) for Execution, Supervision, Monitoring & Development of Phase II Campus of Indian Institute of Management Raipur (Chhattisgarh) Project on cost plus basis from Indian Institute of Management Raipur (IIM Raipur)," said RITES.

The order is to be executed in 23 months.  The value of the order is Rs 148.25 crore.

RITES Limited, a subsidiary of Indian Railways, provides engineering services. The company offers transport infrastructure consultancy, railway inspection, rolling stock leasing and maintenance, airport construction management, industrial and electrical engineering, and other related services.