$RITES

RITES surged nearly 13 percent on Wednesday after the company secured a project management consultancy (PMC) contract worth Rs 175.41 crore from Babasaheb Bhimrao Ambedkar University. The stock ended the session at Rs 230.80 apiece on the NSE, up 12.86 percent. During intraday trade, it gained as much as 18 percent to hit a high of Rs 241.30. The sharp rally came after RITES informed the stock exchanges that it had received a work order to provide project management consultancy services for the planning, design, and development of infrastructure facilities, along with other associated works, at the Babasaheb Bhimrao Ambedkar University campus. As per the exchange filing, the project will be executed on a cost-plus PMC fee basis. The initial execution period is 30 months from the date of signing the agreement, or until the completion of the assigned work, whichever is later.