Mon Dec 09 08:08:02 UTC 2024: ## RITES Stock Surges on IIM Raipur Project Win Despite Q2 Dip

**MUMBAI, INDIA** – Shares of RITES Ltd., a leading transport consultancy and engineering firm, jumped nearly 5% in early trading today after securing a significant Rs 148.25 crore (excluding GST) project from the Indian Institute of Management (IIM) Raipur. The state-run company will serve as the Project Management Consultant (PMC) for Phase II of the IIM’s campus development.

The project, valued at approximately $18 million USD, involves overseeing the execution, supervision, and monitoring of construction over the next 23 months. Despite this positive news, RITES reported a decline in its September quarter earnings. Net profit fell 25% year-on-year to Rs 82.5 crore, and revenue dropped 7.1% to Rs 541 crore. EBITDA also decreased by 23%.

However, the company offset this negative news with the announcement of securing over 90 new orders in Q2, averaging one per day. RITES expressed confidence in maintaining this order flow throughout the remainder of the year.

Year-to-date, RITES shares have still outperformed the Nifty 50, delivering returns exceeding 18% compared to the index’s 13% gain. The stock climbed 4% to Rs 299 by 9:20 AM.

This news follows the recent Traders Gurukul’s BOTS (India’s Largest Regional Retail Option Traders Summit), held on the 2nd or 3rd Sunday of each month across major Indian cities. The event focuses on options trading strategies and market updates.

**Disclaimer:** This news article is for informational purposes only and does not constitute investment advice. Consult with a financial advisor before making any investment decisions.

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