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RITES shares jumped nearly 6% after the company announced two major contract wins. One, from Africa & another from Indian Railways.
RITES is a player in the transport consultancy and engineering sector in India, and has diversified services and geographical reach.
The deets: the company received a purchase order from the African Rail Company. The order is to supply 2 fully overhauled ALCO locomotives for development in Zimbabwe, Mozambique and Botswana.
ALCO locomotives refers to older ALCO (American Locomotive Company)-designed trains that have been repaired, upgraded, or modernised to extend their life and improve performance.
While, in a separate filing, RITES has signed an Engineering, Procurement and Construction agreement for the redevelopment of Tumakuru Station under South Western Railway.
The order is worth ₹37.8 crore and is expected to be completed in 540 days from the date of agreement.
