India's RITES jumps after revised work order estimates

Rites

25/11/2024 04:47

** Shares of RITES Ltd  RITS.NS  rise as much as 12.6% to
310 rupees, its highest since Oct. 21
    ** Engineering co received revised estimates for railway
electrification work for Northeast Frontier Railways of 5.32 bln
rupees ($63.1 mln) from 2.88 bln rupees
    ** More than 5.6 mln shares traded as of 10:12 a.m. IST,
3.9x their 30-day moving avg
    ** The mean rating of 5 brokerages rating the stock is
"buy"; their median PT is 326 rupees - LSEG data
    ** RITS last up 9.6%, adding to YTD gains of 19.7% 


($1 = 84.3320 Indian rupees)

 (Reporting by Meenakshi Maidas in Bengaluru)
 ((meenakshi.maidas@thomsonreuters.com;))