State-run engineering firm RITES Ltd has been awarded a significant contract by the Ministry of External Affairs (MEA), Government of India. Valued at ₹297.67 crore, the project entails providing Project Implementation Services for the construction of an Integrated Check Post (ICP).
The project is slated for completion within 59 months, which includes the defect liability period. The contract value of ₹297.67 crore comprises both construction costs and Project Management Consultancy (PMC) fees, excluding GST. RITES Ltd confirmed the development in a regulatory filing, showcasing its continued involvement in large-scale government infrastructure projects.
This contract marks another milestone for RITES Ltd in delivering infrastructure solutions. The company has a long-standing reputation for executing complex engineering projects, and this new assignment reflects its growing role in supporting national and international infrastructure needs.
As of December 16, 2024, 1:14 PM, the shares of RITES Ltd. are trading at ₹303.80 per share with a surge of 2.31% from its previous day’s closing price. Over the last month, the stock has seen a surge of 12.08%. While over the year the stock has surged by 16.50% the stock has a 52-week high and 52-week low of ₹412.98 per share and ₹235.48 per share respectively.
RITES Ltd’s ₹297.67 crore contract for the construction of an Integrated Check Post further solidifies its position as a key player in government infrastructure projects. The project, covering both construction and consultancy, is expected to be completed within 59 months.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.
We're Live on WhatsApp! Join our channel for market insights & updates
Get the link to download the App
