RITES secures Rs 76-crore EPC work from Railways

NEW DELHI: RITES on Saturday said it has secured a new engineering, procurement and construction (EPC) work of Rs 76.08 crore for the provision of electronic interlocking (EI)-based automatic signaling with continuous track circuiting to the Indian Railways. The miniratna firm said the order also pertains to other associated works along with suitable indoor alterations in electronic interlocking/route relay interlocking (RRI)/panel interlocking (PI) stations enroute in Dhaulpur-Gwalior Section of Jhansi division of North Central Railway.

The Gurugram-headquartered firm had recently been honoured with the 'Dream Companies to Work For' Award under the 'Infrastructure' category at the World HRD Congress-2023. Shares of RITES Limited were last trading in BSE at Rs. 335.50. The shares hit an intra-day high of Rs 342.92 on Friday. In a span of five days, shares of RITES have gained 1.15 per cent.

RITES is a miniratna public sector enterprise and a leading player in the transport consultancy and engineering sector in India, having diversified services and geographical reach. The company has experience spanning 48 years and has undertaken projects in over 55 countries across Asia, Africa, South America, and Middle East regions. The Government of India on September 2 received about Rs 69 crore as dividends from RITES.

"Government has received about Rs 69 crore from RITES as dividend tranche," the official handle of the secretary of the department of investment and public asset management (DIPAM) (@SecyDIPAM) tweeted. According to government data, RITES Limited has declared an equity dividend of 170 per cent amounting to Rs 17 per share for the financial year ended March 2022.