Shares of RITES have risen nearly 2 per cent on its bagging contract worth Rs 205 crore. In the opening trade it trades 1.72 per cent higher at ₹245.50.
The company has been awarded a turnkey contract for the construction of Road Over Bridges (ROBs) to replace the existing level crossings on competition basis from the Railway Board.
An MoU will be executed between RITES and South Central Railway in due course, RITES said in a notice to the stock exchanges.
This turnkey contract covers the construction of four ROBs in replacement of level crossings in Vijaywada division of SCR on the Vijaywada-Vishakhapatnam section in Andhra Pradesh.
Buyback offer
Earlier last week it had approved the buyback issue for ₹257 crore. The buyback will not be exceeding 96.98 lakh shares (representing 3.88 per cent of the total number of equity shares in the paid-up share capital of the company) at ₹265 a share, aggregating to ₹257 crore.