Shares of RITES Ltd. are trading flat after touching a day’s high of Rs 679.85 on 6th September, following the company’s announcement that it had emerged as the lowest bidder for a tender floated by Uttar Pradesh State Bridge Corporation Limited.

The company has announced a bid value of Rs 60.03 crore, excluding GST, according to a stock exchange filing.

As per the terms of contract, RITES shall offer advisory services pertaining to civil works with supervision, monitoring, quality assurance, and safety for the construction of bridges, rail overpasses, flyovers, and elevated roads (including approaches).

The services will be offered throughout Uttar Pradesh.

The order will be finalised after UP State Bridge Corporation Limited completes its scrutiny and evaluation. RITES must complete the order within 36 months of receipt.

On 4th September, the company declared a settlement of a Memorandum of Understanding with NBCC (India) to explore and undertake various consultancy, fee-based projects, and EPC contracts from concept to commissioning.

Under the MoU, the company will provide consultation and project management services, including planning, design, cost estimation, tender documentation, and pre-construction activities, along with construction coordination.

The company’s market capitalisation rose to Rs 15,986 crore.

At 11:36 AM, the shares of RITES Ltd. were trading 0.17% higher at Rs 665.60 on NSE.

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