RITES stock rises over 4% after firm declares third interim dividend

Shares of RITES Ltd rose over 4% in early trade today after the state-owned firm announced a third interim dividend of Rs 7.50 per share. The record date has been fixed as March 25 for the payment of dividend. RITES stock gained 4.79% to Rs 258.25 against the previous close of Rs 246.35 on BSE.

Shares of RITES opened with a gain of 3.19%  at Rs 254.30. RITES stock trades higher than 5 day and 20 day moving averages but lower than 50 day, 100 day and 200 day moving averages.

RITES share has lost 1.42% in one year and fallen 3.59% since the beginning of this year. Total 7,645 shares changed hands amounting to a turnover of Rs 22.27 lakh on BSE. Market cap of the firm rose to Rs 6,097 crore.

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The stock hit a 52-week high of Rs 318 on October 25, 2021 and a 52 week low of Rs 232.40 on April 19, 2021. In the December 2021 quarter, net profit rose 35.52 per cent to Rs 138.66 crore against Rs 102.32 crore loss in the corresponding quarter of previous fiscal.

Sales climbed 70.57% to Rs 775.20 crore for the quarter ended December 2021 against Rs 454.47 crore sales in the corresponding quarter of the previous fiscal. For the fiscal ended March 2021, net profit fell 29.82 per cent to Rs 432.38 crore against Rs 616.10 crore loss for the fiscal ended March 2020. Sales for the March 2021 fiscal dipped 23% to Rs 1,905 crore against Rs 2474 crore sales in the previous fiscal.

On February 10, 2022, Axis Direct gave a buy call for RITES shares with a target price of Rs 305 with a one year horizon. That time, the stock closed at Rs 266.

Additionally, Ministry of Railways has appointed Raj Kumar Mangla, additional member (production unit), railway board as part time government nominee director of the company with immediate effect till he holds the post of additional member (Production Unit), railway board or until further orders, whichever is earlier.

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