India's RITES climbs on $8 mln order win

Rites

18/03/2024 09:44

** Shares of engineering and consultancy firm RITES  RITS.NS  up
2.5%, recovering from a fall in previous session
    ** Co won order worth 675 mln rupees ($8.14 mln) from
National Small Industries Corp
    ** Order for quality inspections of toolkits under PM
Vishwakarma Scheme
    ** Stock has been trading above its 200-day simple moving
avg since Aug. 2022
    ** Volumes above 2.8 mln, compared to 30-day avg of ~4.5 mln
    ** Avg recommendation on stock is a 'Hold' - LSEG
    ** Median PT is 683 rupees, a ~10% premium on last close
    ** Stock up ~27% this year, extending 48% jump in 2023

($1 = 82.9025 Indian rupees)

 (Reporting by Manvi Pant in Bengaluru)
 ((Manvi.Pant@thomsonreuters.com; +918447554364;))