RITES Ltd saw its shares rise as much as 10.4% during the intraday trade after the company announced that it had bagged a Rs 500 crore order from CFM (Ports and Railways), Mozambique.

In an exchange filing, the PSU railway company announced that it had emerged as the lowest bidder in tenders for procurement of locomotives and wagons by CFM, Mozambique. The order is for the supply and incidental services of 10 locomotives and 150 wagons. The time period for the execution of the order is yet to be finalised.

In June, it also bagged a $81.17 million order from the National Railways of Zimbabwe for the supply of rolling stock. RITES signed a Memorandum of Understanding (MoU) with TransNamib Holdings Limited, Namibia, earlier this month to develop railways and related infrastructure. 

At the market’s closing time, the share was trading at Rs 484, 6.44% higher than the previous closing price. The scrip hit a fresh 52-week high of Rs 502, up 10.4% from the closing price on Friday. 

The board of India’s leading transport consultancy is convened to meet on July 28 to consider and approve the consolidated and standalone unaudited financial results for the June quarter of 2023. The board may also consider the first interim dividend for FY24.