Shares of RITES rallied 5% higher on 26 February after the company was appointed as the project management consultant from IIT Bhubaneswar for developing a permanent campus in Odisha.

The company received a formal letter appointing them as the project management consultant for an estimated project cost, including the project management consultant fees of Rs 414 crore, excluding GST.

Rahul Mithal, the company’s CMD, said that they will aggressively bid for export and consultancy orders for the remainder of 2023-24 and in 2024-25 to make up for the fall in revenues from the Indian Railways’ quality assurance division.

The company has secured 100+ orders worth of Rs 612 crore in the third quarter of the current fiscal year, making up for the fall in revenue and net profit in 2023-24 due to railways reducing the rates for quality assurance tenders since the beginning of the year.

The shares of the company have given a return of more than 60% against the 14% gain in the benchmark Nifty50 index for the same period.

At 3:30 pm, the shares of RITES closed 2.42% higher at Rs 778 on NSE.