Mumbai: Shares of RITES Ltd, a prominent transport and infrastructure development consultancy services provider, saw an early surge on Tuesday (July 16) following the announcement of a significant contract win in Assam.
The company disclosed securing a contract worth Rs 50.18 crore from the public works roads department (PWRD) of Assam.
In a regulatory filing to stock exchanges, RITES Ltd stated that it has been awarded the contract for third-party monitoring and quality control services for 47 roads across Assam.
The contract, valued at Rs 50.18 crore, spans an 18-month period.
According to the company, the Assam PWRD issued a Letter of Acceptance (LoA) for consultancy services under the Asom Mala 2.0 programme, covering a total length of 996.70 kilometres of roads.
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RITES, a Navratna PSU, specializes in a range of consultancy services including techno-economic studies, feasibility assessments, detailed project reports, design engineering, project management consultancy, quality assurance, and inspection services across various sectors including railways, roads and airports.
Earlier in the year, the company also announced strategic collaborations and expansions in railway infrastructure management and operational services in West Bengal and Jharkhand.
Following the contract announcement, shares of RITES Ltd surged by up to 1.23% to reach a high of Rs 769 per share on the NSE during morning trading.
However, the stock later moderated its gains and was trading at Rs 750 apiece by 12:45 pm, marking a 1.2% decline from its peak.