RITES jumps 8% after winning $35.82 million overseas locomotive contract
AI Market Summary
RITES Ltd. shares jumped ~8% after winning a $35.82m export order to supply and commission 4000 HP narrow-gauge diesel-electric locomotives within 20 months. The deal marks a notable international-business win after a two-year lull and improves near-term revenue visibility, supported by expectations for higher turnkey mix and a large overseas order pipeline. The move is idiosyncratic and not broadly market-moving.
Impact level
● Low
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▲ Bullish
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RITES Ltd. said it has secured an order worth $35.82 million from Volantis Asset Finance to supply and commission 4,000-horsepower narrow-gauge diesel-electric locomotives. The company will execute the contract within 20 months.
The deal marks RITES' first major international win in nearly two years. The order also supports near-term earnings visibility, alongside management's expectation that turnkey projects will contribute 10%–15% of the business and an overseas order pipeline exceeding ₹2,100 crore.
Shares of RITES rose 8.1% to ₹233.76, making it the top gainer in the Nifty 500 for the session.
