Rites share price rose 7 percent in trade on July 24 after its announced that it emerged as the lowest bidder in two tenders for procurement of locomotives and wagons invited by CFM, Mozambique.

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The estimated value of the bid is approximately Rs 500 crore. The order is for supply of 10 locomotives and 150 wagons. The time period by which the order is to be executed is yet to be finalised.

The stock is a big beneficiary of the ongoing capex in railways. It has successfully bagged multiple orders in the recent past, like $81.17 million from National Railways of Zimbabwe for the supply of rolling stock in June 2023.

On July 21, the stock soared more than 7 percent to hit a fresh 52-week high. The company shall declare its first quarter FY24 earnings on July 28th.

RITES Ltd is a public sector enterprise and a leading player in the transport consultancy and engineering sector in India, having diversified services and geographical reach. The company is the only export arm of Indian Railways for providing rolling stock overseas (other than Thailand, Malaysia and Indonesia).