Fri Sep 20 07:45:49 UTC 2024: ## RITES Shares Surge on Bonus Issue and Dividend Announcement

**New Delhi, August 18:** Shares of RITES Ltd. climbed to their highest point in a month on Friday, fueled by the company’s announcement of a 1:1 bonus issue and a final dividend of Rs 5 per share. The record date for both the bonus issue and dividend was set for August 14th.

The stock surged as much as 12.45% to reach Rs 384, its highest level since July 30th. Although it later retreated somewhat, it still closed the day up 6.8% at Rs 364.5, significantly outperforming the NSE Nifty 50 index, which rose by 1%.

RITES shares have enjoyed a strong run this year, having gained 44.94% year-to-date and 47.8% in the past 12 months. Trading volume on Friday was 4.54 times its 30-day average, indicating significant investor interest.

Analysts remain optimistic about the company’s future prospects, with four out of seven analysts tracked by Bloomberg maintaining a ‘buy’ rating. Two analysts recommend a ‘hold,’ while one suggests a ‘sell.’ The average 12-month consensus price target suggests a potential upside of 65.58%.

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