Shares of RITES Limited moved higher after the company received a revised contract from National Aluminium Company Limited, linked to coal mine infrastructure in Odisha.

The stock rose 6.7 per cent to INR 213.90 (USD 2.31), up from the previous close of INR 200.41 (USD 2.17). Despite the jump, the stock remains down 4.6 per cent over the past year, with a current market capitalisation of around INR 98.65 billion.

The updated contract relates to a railway siding project at Sankerjang, part of Phase I of NALCO’s Utkal-D coal mines. RITES is providing detailed engineering and project management consultancy (PMC) services under a deposit work, cost-plus turnkey model.

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The key change is in value. NALCO has revised the order from INR 797.3 million (USD 8.62 million approx.) to INR 1.1889 billion (USD 12.85 million approx.), excluding GST, an increase of over INR 390 million (USD 4.22 million approx.), or roughly 49 per cent. The revised amount includes RITES’ consultancy fees.

Both entities are public sector undertakings, and the contract falls under a domestic order as per SEBI's LODR regulations. RITES, in accordance with Regulation 30, provided disclosure of the revision, indicating the project's ongoing status without a predetermined completion date.

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Although the project is associated with coal, it contributes to NALCO's wider aluminium value chain by enhancing logistics stemming from mining activities. Railway sidings are essential for the efficient transportation of bulk materials, thereby reducing transportation expenses and facilitating smoother supply chains.

The revision benefits RITES by bolstering its order book and demonstrating sustained collaboration with a significant PSU client. Conversely, for NALCO, it underscores the increasing infrastructure demands linked to its resource base and downstream operations.

Also read: RITES secures INR 1.19 billion from NALCO railway siding project boost

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