RITES declares 2nd interim dividend of 40% amounting to 4 per share

The Board of Directors of RITES Ltd, (NSE: RITES, BSE: 541556) a leading Infrastructure Consultancy and Engineering company, at its meeting held on March 12, 2021 has declared second interim dividend of 4 per share on the share with face value of 10 each (at the rate of 40% of paid-up capital).

The second interim dividend brings the company's total dividend for FY21 so far, to 9 per share amounting to 216.27 crore. The record date for the purpose of payment of dividend is 20th March 2021.

Standalone revenue of the company for the nine months of FY21 has been Rs 1315 crore and profit after tax has been Rs 290 crore.

The company has commenced the export shipments to Sri Lanka and Mozambique. The 10 state-of-the-art railway passenger coaches have been successfully delivered to Sri Lanka and first shipment of two 3000 HP Cape Gauge AC-AC locomotives has been flagged off to Mozambique.

Commenting on export shipments, Mr. Rajeev Mehrotra, Chairman & Managing Director, RITES Ltd, said, "For exports, new product lines in Railways are way forward and such products demonstrate India's 'design, manufacture and export' capabilities. We hope the project of supplying Cape Gauge locomotives to Mozambique will open up more export opportunities, for us, in new markets."

Shares of RITES Ltd was last trading in BSE at Rs.248.4 as compared to the previous close of Rs. 243.95. The total number of shares traded during the day was 29598 in over 600 trades.

The stock hit an intraday high of Rs. 251.95 and intraday low of 244.4. The net turnover during the day was Rs. 7384261.

Source : Equity Bulls

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