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    RITES hits new 52-week high on bagging multi-billion order

    Synopsis

    The engineering, design and construction company has secured a new business order from Bangalore Metro Rail Corporation for constructing a depot-cum-workshop for Rs 499.41 crore

    RITES shres rally over 6% intra-dayiStock
    In the last 1 year, the stock has produced over 41% returns while its 3-year returns are over 49%
    Shares of RITES hit a fresh 52-week high price of Rs 404.9 during the trading session on Friday, rallying over 6% intra-day, after the company bagged a multi-billion order.

    The engineering, design and construction company has secured a new business order from the Bangalore Metro Rail Corporation for constructing a depot-cum-workshop for Rs 499.41 crore , the company's exchange filing said on Thursday. In the order, RITES has a 51% share.

    In the last 1 year, the stock has produced over 41% returns while its 3-year returns are over 49%. Nonetheless, on an YTD basis, the stock has given better returns of over 51%.

    The consensus recommendation from 4 analysts on the stock is ‘buy’, with 3 analysts suggesting strong ‘buy’, showed Trendlyne data. Currently, the stock trades well above its target price, signalling a downside potential of 20.2%.

    Power Mech Projects, which is a JV with RITES, also rallied in intra-day trade today by as much as 5% to the day’s high price of Rs 1919.5 per share on the NSE.

    RITES is a multidisciplinary engineering and consultancy entity that offers an array of services in the area of transport infra and allied technologies.





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    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
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