RITES stock climbs over 4% after firm announces third interim dividend

RITES shares increased 4.79 % to Rs 258.25 on the BSE, from a previous closing of Rs 246.35. The company's market capitalization increased to Rs 6,097 crore.

RITES Ltd shares climbed more than 4% in early trade today on the announcement of a third interim dividend of Rs 7.50 per share by the state-owned firm.

The record date for the payment of dividends has been set at March 25. RITES stock increased 4.79 percent to Rs 258.25 on the BSE, from a previous closing of Rs 246.35.

RITES shares started 3.19 percent higher at Rs 254.30. The RITES stock price is trading above the 5 and 20 day moving averages but below the 50, 100, and 200 day moving averages. RITES's share price has declined 1.42 percent in the last year and 3.59 percent since the start of the year. On the BSE, a total of 7,645 shares changed hands, generating a turnover of Rs 22.27 lakh. The company's market capitalization increased to Rs 6,097 crore.

On October 25, 2021, the stock reached a 52-week high of Rs 318 and a 52-week low of Rs 232.40 on April 19, 2021. Net profit increased 35.52 percent to Rs 138.66 crore in the December 2021 quarter, compared to a loss of Rs 102.32 crore in the previous fiscal's equivalent quarter.

Sales increased by 70.57 percent to Rs 775.20 crore in the quarter ending December 2021, compared to Rs 454.47 crore in the previous fiscal's corresponding quarter. Net profit declined 29.82 percent to Rs 432.38 crore in the fiscal year ended March 2021, compared to a loss of Rs 616.10 crore in the fiscal year ended March 2020. Sales during the March 2021 fiscal year decreased by 23% to Rs 1,905 crore from Rs 2474 crore in the previous fiscal year.

Axis Direct initiated coverage of RITES shares on February 10, 2022, with a target price of Rs 305 and a one-year timeframe. At the time, the stock was trading at Rs 266.

Additionally, the Ministry of Railways has appointed Raj Kumar Mangla, additional member (production unit), railway board, as a part-time government nominee director of the company, effective immediately, until he resigns from his position as additional member (Production Unit), railway board, or until further orders, whichever is earlier.

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