RITES shares settled nearly 13 percent higher on Wednesday after the company secured a project management consultancy order worth Rs 175.41 crore from Babasaheb Bhimrao Ambedkar University.
The stock settled at Rs 230.80 apiece on the NSE, up 12.86 per cent. During the session, it climbed as much as 18 per cent to touch an intraday high of Rs 241.30.
The rally followed the company's disclosure in a regulatory filing that it has received a work order for project management consultancy services for the planning, design and development of infrastructure facilities and other related works at the campus of Babasaheb Bhimrao Ambedkar University.
The total project cost is Rs 175.41 crore.
According to the filing, the project will be executed on a cost-plus PMC fee basis. The execution period is 30 months for the initial work, or until completion of the allotted work, whichever is later, from the date of signing of the agreement.
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