RITES announces it has received acceptance of an offer from Volantis Asset Finance (Pty) Ltd, South Africa, for the supply and commissioning of 4,000 HP Cape Gauge Diesel Electric Locomotives. The contract is valued at USD 35.82 million, which translates to approximately ₹299 crore based on a reported exchange rate of ₹83.47 per US dollar. The company states it plans to execute the order within 20 months from the signing of the contract agreement, after due diligence is completed by both parties and a formal agreement is signed. Once finalized, RITES will add the order to its order book. Following the announcement, RITES shares rise on the NSE, gaining about 7% intraday to around ₹231.48 (at 12:05 pm in one report). The order is expected to support RITES’ overseas order book and revenue visibility, while also strengthening its global presence in rail infrastructure and rolling stock. The reports note the contract covers both supply and commissioning and involves an international counterparty, with investors focusing on execution progress and potential follow-on business.
RITES wins ₹299 crore South Africa order for 4,000 HP diesel-electric locomotives
RITES announces it has received acceptance of an offer from Volantis Asset Finance (Pty) Ltd, South Africa, for the supply and commissioning of 4,000 HP Cape Gauge Diesel Electric Locomotives. The con...
- RITES wins/receives acceptance for an international order from Volantis Asset Finance (Pty) Ltd of South Africa.
- The contract covers supply and commissioning of 4,000 HP Cape Gauge Diesel Electric Locomotives.
- Order value is about ₹299 crore (USD 35.82 million, using a stated exchange rate of ₹83.47 per US dollar).
- RITES expects to complete the work within 20 months from contract signing after due diligence.
- RITES shares reportedly rise on the NSE after the announcement, reflecting investor reaction to the new export order.
Mumbai: Shares of RITES Ltd rallied sharply on Tuesday after the company announced a Rs 299 crore international order for supplying locomotives to South Africa. The fresh export contract cheered investors, pushing the stock 7.09% higher to Rs 231.48 on the NSE at 12:05 pm, a gain of Rs 15.33 over the previous close of Rs 216.15.The stock opened at Rs 226.30 and climbed to an intraday high of Rs 236.00, reflecting strong buying interest after the announcement.Rs 299 Crore Export ContractIn a regulatory filing, RITES said it has received the order from Volantis Asset Finance (Pty) Ltd for the supply and commissioning of 4,000 HP Cape Gauge Diesel Electric Locomotives.The project is valued at Rs 299 crore and will be completed within 20 months, strengthening the company's overseas order book. RITES Expands Global Rail Presence, Bags ₹299 Crore Locomotive Supply Order From South AfricaStrong Market ReactionThe latest order came at the right time for the stock. Ahead of Tuesday's trading session, RITES shares had fallen in five of the previous six trading sessions. The only positive day during that period was July 1, when the stock had surged nearly 13 percent.Tuesday's rally suggests investors viewed the new international contract as a positive trigger that could improve revenue visibility and support future earnings.Global Presence ExpandsThe South Africa order further strengthens RITES' position in the global railway infrastructure and rolling stock business. International contracts not only diversify the company's revenue sources but also highlight its growing presence in overseas railway projects. RITES’ NUPPL Order Value Rises To ₹148.93 Crore, Locomotive Wet-Lease Added To ContractStock SnapshotAccording to the latest market data, RITES has a market capitalisation of Rs 11.12 crore (displayed as 11.12KCr on the exchange screen), a P/E ratio of 27.11, a 52-week high of Rs 287, and a 52-week low of Rs 175.With the fresh Rs 299 crore export order, investors will now closely watch the execution of the project and whether it leads to more international business opportunities for the company.
2 hours agoMumbai: RITES Ltd on Monday announced it has received an acceptance of its offer from Volantis Asset Finance (Pty) Ltd., South Africa, for the supply and commissioning of 4000 HP Cape Gauge Diesel Electric Locomotives.Order ValueThe contract is valued at USD 35,820,000, which translates to approximately Rs 299 crore based on a recent exchange rate of Rs 83.47 per US dollar. RITES’ NUPPL Order Value Rises To ₹148.93 Crore, Locomotive Wet-Lease Added To ContractScope of WorkThe order involves the supply and commissioning of 4000 HP Cape Gauge Diesel Electric Locomotives.Execution TimelineRITES expects to execute the order within a period of 20 months from the signing of the contract agreement. RailTel Bags ₹107.6 Crore Mahanadi Coalfields Order, To Build MPLS VPN Network Over 60-Month ContractAgreement StatusThe company stated that a formal contract agreement will be signed after due diligence is completed by both parties. Following this, the order will be added to its order book.International EntityThe order was awarded by an international entity, Volantis Asset Finance (Pty) Ltd.Disclaimer: This story is based on company exchange filings and is for informational purposes only. Investors should evaluate risks before making decisions.
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