RITES hits new high; zooms 70% against issue price

Shares of railways consultancy firm RITES hit a new high of Rs 315 per share on the BSE, rising 10% on the back of heavy volumes. The state-owned firm was trading at its highest level since listing on July 2, 2018. It has rallied 70% against its issue price Rs 185 per share. The trading volumes on the counter surged more than three-fold with a combined 5.63 million equity shares 2.8% of total equity changed hands on the BSE and NSE. In past one month, shares of RITES rallied 61% against 4% rise in the S&P BSE Sensex. RITES is a wholly owned Government Company, a Miniratna (Category – I) Schedule ‘A’ Public Sector Enterprise. It is a leading player in the transport consultancy and engineering sector in India and the only company having diversified services and geographical reach in this field under one roof.

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