RITES Ltd Secures Enhanced Order from NALCO for Railway Siding Consultancy
RITES Limited has secured an amendment to its Letter of Award (LOA) from National Aluminium Company Limited (NALCO). The contract involves Detailed Engineering & Project Management Consultancy (PMC) for the construction of a Railway Siding at Sankerjang in Phase-I for Utkal-D Coal Mines of NALCO, which is on a Deposit Mode and cost plus turnkey basis.The order originates from a domestic entity. Details of the contract award are summarized below:
| Particulars | Details |
|---|---|
| Awarding Entity | National Aluminium Company Limited (NALCO) |
| Scope of Work | Detailed Engineering & Project Management Consultancy (PMC) for the construction of Railway Siding at Sankerjang in Phase-I for Utkal-D Coal Mines of NALCO on Deposit Mode on cost plus turnkey basis. |
| Order Nature | Detailed Engineering & Project Management Consultancy (PMC) for the work of Construction of Railway Siding at Sankerjang in Phase-I for Utkal-D Coal Mines of NALCO on Deposit Mode on cost plus turnkey basis. |
| Transaction Type | Domestic Entity |
| Execution Period | Ongoing |
| Contract Value Enhancement | Enhanced from Rs. 79.73 Crore to Rs. 118.89 Crore excluding GST (including RITES fees). |
The agreement falls under the category of a domestic transaction, and the contract value has been enhanced, reaching a total of Rs. 118.89 Crore excluding GST, inclusive of RITES fees. The terms confirm that the transaction does not constitute a Related Party Transaction and that there is no interest of the promoter or promoter group in the awarding entity.
RITES Stock Price Movement
Today, RITES Limited shares rallied to close at ₹200.41, jumping 4.70% in after-hours trading. The stock settled with significant investor interest, processing a total traded volume of 727,828 shares.Source:
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