This small-cap stock jumps up to 7% after the company received Navratna status and announced the dividend. The stock has delivered 105% returns in three years, therefore making an investment of 1 lakh three years ago now would be worth Rs. 2.05 lakhs. On Froday the stock closed 16.8% below the 52-week high and above the 50-day and 200-day moving averages.
Rites Ltd
Rites the company belongs to a small-cap category with a market capitalisation of Rs. 11,995 Cr, on Friday the stock rose up to 7% and closed 5.4% up at Rs. 499.20 on BSE.
According to the BSE filing, on October 12, 2023, the Department of Public Enterprises granted the Navratna Status to the Rites Ltd. It is the 16th Central Public Sector Enterprise (CPSE) to receive this prestigious award.
In addition, the company scheduled a board meeting to be held on 31st October 2023 inter-alia to consider, approve and take on record standalone and consolidated unaudited financial results of the company for the second quarter and half year ended on 30th September 2023. Furthermore, the company fixed November 08, 2023, as the record date for the purpose of payment of the second interim dividend for the FY 2023-24, if declared by the board.
The company’s total revenue declined by 11.6% from Rs. 636.71 Cr in Q1 FY23 to Rs. 562.63 Cr in Q1 FY24 and for the same period, net profit declined by 17.3 % from Rs. 144.70 Cr to Rs. 119.58 Cr. Dividend yield of the company 5.78%.
As per the latest shareholding data, Promoters hold 72.20%, FIIs hold 3.98%, DIIs hold 12.72% and the public hold 11.10% stake in the company.
RITES Ltd is a multi-disciplinary consulting firm. Its operating segment includes Consultancy Services, Leasing of railway rolling stock and equipment, Export of rolling stock, equipment, and spares, Turnkey Construction Projects, and Power Generation.
Written by Sheshadri N
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