Shares of RITES Ltd rose more than 4% in early trade today after the state-owned company announced a third interim dividend of Rs 7.50 per share. The record date has been set for March 25 for the payment of the dividend. RITES stock gained 4.79% to Rs 258.25 against the previous close of Rs 246.35 on BSE.
Shares of RITES opened with a gain of 3.19% at Rs 254.30. RITES shares are trading above the 5-day and 20-day moving averages, but below the 50-day, 100-day and 200-day moving averages.
RITES shares have lost 1.42% in one year and are down 3.59% since the start of this year. A total of 7,645 shares changed hands, representing turnover of Rs 22.27 lakh on BSE. The company’s market capitalization rose to Rs 6,097 crore.
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The stock reached a 52-week high of Rs 318 on October 25, 2021 and a 52-week low of Rs 232.40 on April 19, 2021. In the December 2021 quarter, net profit increased by 35.52 % to reach 138.66 crore rupees against 102.32 crore rupees. loss in the corresponding quarter of the previous year.
Sales soared by 70.57% to Rs 775.20 crore for the quarter ended December 2021 from Rs 454.47 crore of sales in the corresponding quarter of the previous fiscal year. For the fiscal year ended March 2021, net profit fell by 29.82% to Rs 432.38 crore compared to a loss of Rs 616.10 crore for the fiscal year ended March 2020. Sales for the fiscal year of March 2021 fell by 23% to Rs 1,905 crore from Rs 2,474 crore sales in the fiscal precedent.
On February 10, 2022, Axis Direct issued a call to buy RITES shares with a target price of Rs 305 with a horizon of one year. This time, the stock closed at Rs 266.
In addition, the Ministry of Railways has appointed Raj Kumar Mangla, Additional Member (Generation Unit), Board of Railways as Government Appointed Part Time Director of the Company with immediate effect until ‘he holds the position of additional member (production unit), board of railways or until later. orders, whichever comes first.
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