RITES Wins Rs 45 Cr Muriganga Bridge Contract; Stock Drops 3%

Shares of RITES Ltd fell 3% after touching a day’s high of Rs 205.90 on 9th March. Meanwhile, the company said on Saturday (7th March) that it had secured a Rs 45.19 crore consultancy contract from the Public Works (Roads) Directorate, Government of West Bengal. This contract is for project management services related to the construction of a proposed four-lane extra-dosed bridge over the Muriganga river.

The contract covers project management consultancy for the construction of the bridge. It also includes approach roads connecting Kachuberia on Sagar Island with Kakdwip in the South 24 Parganas district.

Under the agreement, RITES will handle design review and construction supervision as the Authority Engineer. The project will be executed over 48 months, and the contract value stands at Rs 45.19 crore, excluding GST.

The company said a domestic government entity has awarded the order. Moreover, its promoters or promoter group have no interest in the awarding authority.

Separately, RITES recently received revised project estimates from South Western Railway for railway electrification work on the Mysuru–Hassan–Mangaluru line. Notably, it also includes the Hassan–Arsikere section.

The project was awarded on a cost-plus turnkey basis. As a result, it now has a revised cost of Rs 729.28 crore, excluding GST, including RITES’ fees.

At 11:18 AM, shares of RITES were trading 2.91% lower at Rs 200.60 on the NSE.

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