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RITES Share Price Rises 3%; Wins H-1 Bid for Engineering Services in Guyana

09 December 20242 mins read by Angel One
RITES share price rose 3% as the company emerged as the top scorer (H-1 bidder) for the provision of engineering services in Guyana
RITES Share Price Rises 3%; Wins H-1 Bid for Engineering Services in Guyana
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RITES Limited has been selected as the top scorer (H-1 bidder) for the provision of engineering services for the Design-Build-Finance, upgrading of the Palmyra to Moleson Creek Highway project, awarded by the Ministry of Public Works, Government of the Co-operative Republic of Guyana.

Project Details and Scope

The company was evaluated based on the Quality and Cost Based Selection (QCBS) method. The formal letter of acceptance will be issued following the completion of the Ministry’s scrutiny and evaluation process.

The project involves upgrading the Palmyra to Moleson Creek Highway, with a total contract value of USD 9.71 million, excluding taxes.

The execution period is set for 60 months, including 36 months for the pre-construction and construction phases and 24 months for the post-construction Defect Liability Period.

This is an international contract, and the project falls outside the scope of related party transactions. RITES does not have any vested interest in the awarding entity.

RITES Appointed PMC for IIM Raipur

Last week, RITES’ stock rose following its appointment as the Project Management Consultant (PMC) for the execution, supervision, monitoring, and development of Phase II of the Indian Institute of Management (IIM) Raipur campus in Chhattisgarh.

The contract, valued at ₹148.25 crore, must be completed within 23 months.

RITES Share Price Performance

On December 09, 2024, RITES share price (NSE: RITES) was trading 3.24% higher at ₹305.60 at 9:35 AM on the NSE. The stock opened at ₹304.35 higher than its previous close of ₹296.

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.

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