New Delhi: State-run engineering consultancy and project management company RITES Ltd. has been awarded a significant contract by Talis Logistics, South Africa, for the supply and commissioning of overhauled in-service Cape Gauge ALCO diesel-electric locomotives. The contract is valued at USD 18 million (CIF).
Delivery Timeline and Contract Details
According to the terms of the contract, RITES will complete the delivery of the locomotives within 6 to 8 months following receipt of the advance payment from Talis Logistics. This order highlights RITES’s growing footprint in international railway markets, particularly in Africa.
Market Reaction and Company Performance
Despite this major international contract, RITES’s shares fell by over 2.06% to close at Rs 247.10 on the Bombay Stock Exchange (BSE). The company’s current market capitalization stands at Rs 11,930 crore, with a price-to-earnings (P/E) ratio of 34.02, reflecting market sentiments amid broader industry dynamics.
About RITES Ltd.
RITES Ltd. is a leading Government of India enterprise specializing in transport infrastructure consultancy, project management, and supply of railway-related equipment. The company has a robust international presence and plays a crucial role in the development and modernization of railway infrastructure worldwide.
