RITES said that its joint venture (JV) with Power Mech Projects has emerged as the L-1 (lowest) bidder for the Challaghatta Depot Project of Bangalore Metro.
The project involves the construction of a depot cum workshop at Challaghatta Depot in reach-2 extension of Bangalore Metro Rail Project, Phase-2. The order value is Rs 499.41 crore.
The announcement was made after trading hours yesterday.
RITES is a Miniratna (Category - I) Schedule I' Public Sector Enterprise and is engaged in the transport consultancy and engineering sector in India, having diversified services and geographical reach. As of 31 December 2021, the Government of India held 72.2% stake in the company.
The company's consolidated net profit rose 35.52% to Rs 138.66 crore on a 70.63% increase in sales to Rs 766.64 crore in Q3 FY22 over Q3 FY21.
The scrip fell 2.27% to end at Rs 271.45 on the BSE.
The Indian equity markets will remain closed on 14 and 15 April on account of Mahavir Jayanti / Dr. Baba Saheb Ambedkar Jayanti and Good Friday, respectively.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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