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CNBC TV18

RITES shares jump 8% after winning $35.82 million locomotive supply contract

AI Market Summary
RITES Ltd. jumped ~8% after winning a $35.82m international locomotive supply-and-commissioning contract, signaling a restart of overseas momentum after a two-year lull and improving near-term revenue visibility given its stated export/turnkey growth focus and overseas order book. While supportive for the single name, the development is company-specific and unlikely to materially shift broader risk pricing across markets.
Impact level
● Low
Affected assets
NCCOGOLD2USD/USDT-0.61%
AI Insight · NCCOGOLD2USD/USDTAI Insight
● Neutral
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RITES Ltd. said it has won a $35.82 million order from Volantis Asset Finance (Ply) Ltd. to supply and commission 4,000 HP Cape Gauge diesel-electric locomotives, to be executed within 20 months. The deal marks the company’s first major international business breakthrough in two years, alongside expectations that turnkey work will contribute 10% to 15% in financial year 2027 and an overseas order book of more than ₹2,100 crore. Shares rose 8.1% to ₹233.76, making the stock the top gainer on the Nifty 500 index.
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