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The Economic Times
The Economic Times
Veer Sharma

RITES shares soar 9% after bagging a $36 million locomotive supply order from South Africa

RITES Concor South Africa FOR MOU

Shares of RITES rallied as much as 9% to their day’s high of Rs 235 on the BSE on Tuesday after the company announced it received an order for the Supply and Commissioning of 4000 HP Cape Gauge Diesel Electric Locomotives from Volantis Asset Finance, South Africa, valued at $36 million.

The company stated that execution will take 20 months from the date of receipt. It said the contract agreement will be signed after due diligence by both parties. The order will be added to RITES' order book following execution of the agreement.

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