Navratna PSU Bags Order, Board To Mull 2nd Dividend On Nov 6, Record Date Set; Buy?

Mid cap Navratna PSU RITES Ltd shares today surged 2.90% after the company informed via its BSE filing about winning a new order from UP State Bridge Corporation Limited. Current market price of RITES shares on BSE is Rs 285.85 per share. RITES shares declined 20% in last 1-month and gained 23.70% in last 1-year. Its market cap stood at Rs 13,697.21 crore. Board of Directors of RITES Ltd will consider financial results and interim dividend on November 6, 2024. Earlier this year, Rites declared 1:1 bonus share on July 31 and a dividend of Rs 5 per share on May 28, 2024. RITES shares traded ex-bonus and ex-dividend on September 20, 2024. Check details below:

RITES Bags New Order:

As per the exchange filing of RITES dated October 28, 2024, "we are pleased to inform you that RITES has received the Letter of Acceptance on October 28, 2024 from U.P. State Bridge Corporation Limited for "Consultancy Services for Construction Supervision of Civil Works (CSC) for Supervision, Monitoring, Quality Control, and Work Zone Safety for Construction of Bridges, Rail Over/Under Bridges, Flyovers and Elevated Roads including approaches in several districts of Uttar Pradesh." The time period by which the order needs to be executed is 36 months. The order is worth Rs 59.13 crore.

RITES Ltd To Mull Results:

According to the BSE filing of Rites dated October 17, 2024, "a meeting of the Board of Directors of the Company is scheduled to be held on Wednesday, 6th November, 2024 inter- alia to consider, approve and take on record Standalone and Consolidated Unaudited Financial Results of the Company for the quarter and half year ended on 30th September, 2024."

RITES To Consider Dividend, Record Date Fixed:

The exchange filing stated, "Board may consider payment of Second Interim Dividend, for the F.Y 2024-25, if any. The Company has fixed Friday, 15th November, 2024 as the Record date for the purpose of payment of second Interim Dividend for the F.Y 2024-25, if declared by the Board."

RITES Shares Performance:

The 52-week high price of RITES Ltd shares on BSE is Rs 413.08 per share (as on 27/02/2024) and 52-week low price is Rs 217.68 per share (as on 10/11/2023), respectively. RITES shares fell over 7% in last 2-weeks, gained 13% year-to-date, soared 52% in last 2-years, and offered return of 100% in last 3-years.

Should You Buy RITES Shares?

According to A R Ramachandran, Independent SEBI Research Analyst, "Rites stock price is slightly bullish on the Daily charts with strong support at 271. A Daily close above resistance of 292 could lead to a target of 333 in the near term."

About RITES Limited:

RITES Limited is a Navratna Public Sector Enterprise and a leading player in the transport consultancy and engineering sector in India. It has diversified services and geographical reach. The company has an experience spanning 49 years and undertaken projects in over 55 countries in Asia, Africa, Latin America, South America, and Middle East region.

Disclaimer:

The stock has been picked from the brokerage report of A R Ramachandran. Greynium Information Technologies, the Author, and the respective Brokerage House are not liable for any losses caused as a result of decisions based on the article. Goodreturns.in advises users to check with certified experts before taking any investment decision.