3.14% Dividend Yield: PSU Stock Jumps 12% On New Order, To Consider Dividend On Feb 1

Mid cap PSU Navratna company RITES Ltd shares gained nearly 12% in morning trade today after it has been declared the top scorer (H-1) bidder and eligible for award of work as Project Management Consultancy (PMC) for the construction of various infrastructure works at IIT- Bhubaneswar to be undertaken under EPC mode III. The MoU with IIT-Bhubaneswar will be executed with mutually agreed terms & conditions. The order is valued at Rs 414 crore, excluding GST, according to BSE filing of RITES. Current market price of RITES shares on BSE is Rs 643.50 per share with intraday gain of 11.32%. RITES stock rallied 140% in last 2-years and soared 28% year-to-date. Earlier last year in July, RITES bagged Rs 500 crore order from Mozambique for 10 locomotives. Check details below:

RITES Set To Consider Results, 3rd Interim Dividend: As per the BSE filing of the company dated January 17, 2024, "A meeting of the Board of Directors of the Company is scheduled to be held on Thursday, February 01, 2024 inter- alia to consider, approve and take on record Standalone and Consolidated Unaudited Financial Results of the Company for the Quarter ended December 31, 2023. Board may consider payment of Third Interim Dividend, for the F.Y 2023- 24, if any.

RITES Ltd Sets Record Date For 3rd Interim Dividend: If the payment of Third Interim Dividend for the F.Y 2023-24 is considered by the Board, then the record date for the same shall be February 9, 2024, stated the BSE filing.

RITES Dividend Yield: Rites declared 21 dividends since September 11, 2018. In the last 12 months, Rites announced an equity dividend amounting to Rs 20.25 per share. If the current share price of Rs 643.50 is taking into consideration, Rites offers a dividend yield of 3.14%, according to Trednlyne.

RITES Ltd Stock Performance & Return: 52-week high price of RITES shares is quoted at Rs 657.85 apiece and 52-week low price is Rs 311.60 per share, respectively. Its market capitalisation is Rs 15,523.50 crore. RITES shares rallied 92% in last 1-year, surged 140% in last 2-years, and rallied 150% in last 3-years. In last 5-years, RITES stock rallied 226%.

RITES Dividend In Q2: As per the regulatory filing of the company dated October 31, 2023, "The Board of Directors has declared the second interim dividend of Rs 4.5 per share amounting Rs 108 crore. The record date for the purpose of payment of dividend is November 8, 2023."

RITES Inks MoU with NEEPCO: According to the regulatory filing of the company dated December 22, "To enhance the power infrastructure in the region, the Arunachal Pradesh Government has entrusted NEEPCO for executing five hydropower projects in the Siang Basin. As per the MoU MoU, RITES will also support NEEPCO as a Project Management Consultant for works related to rail infrastructure facilities, including signalling & telecommunications, overhead equipment, and conveyor systems. Also, the MoU entails works related to roads, buildings and other civil ancillary structures, including utilities."

RITES Financial Performance: The navratna company for the quarter ended September 30, 2023 announced its net sales at Rs 582.36 crore, down 11.64% from Rs 659.08 crore in September 2022. Its quarterly net profit declared at Rs 101.15 crore for the quarter under consideration, down 23.61% as compared to Rs 132.42 crore in the corresponding quarter of last year. The company's EBITDA declared at Rs 164.29 crore for the September quarter, down 20.43% as against Rs 206.46 crore in September 2022.

About RITES Limited: RITES Limited is a Navratna Public Sector Enterprise and a leading player in the transport consultancy and engineering sector in India. It has diversified services and geographical reach. The company has an experience spanning 49 years and undertaken projects in over 55 countries in Asia, Africa, Latin America, South America, and Middle East region.

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