RITES Limited: Initially, it is also known as “Rail India Technical and Economic Service (RITES)” in India located in Gurgaon. It is one of the largest engineering consultancy services involved in transport and infrastructure. The company works under the Government of India established in 1974. It also provides services in rail transport management in India. The present chief executive officer & chairman of the company is Rajeev Mehrotra.
Meanwhile, the company board of meetings held on Saturday, September 19th, in the meeting, the board members decided and approved for the buyback of equity shares worth Rs. 257.00 crores.
Besides, the infrastructure and engineering company decided and approved for the buyback of equity shares not exceeding Rs. 257.00 crores. The company board also decided to buyback of 96,98,113 equity shares at Rs. 265.00 per each share.
On the other side, the company was listed in July 2018 in the stock market. At that time, the Government has almost 72.02% stakes in the company and the remaining stakes are with the public and financial institutions. The board of members also decided September 30th as the record date for the purchase of equity shares from the eligible shareholders.
“The company has strong financial fundamentals with a debt-free balance sheet. Whereas the repurchase of equity shares reflects management’s confidence in the company and growth of the company in upcoming quarters,” said Rajeev Mehrotra, Chairman, and CEO of RITES.
However, the shares of RITES Limited reported a bullish trend in the stock market. The company gained 2.00 points with a 0.79% increase and reached 255.00 INR. While in BSE, the company gained 2.80 points with a 1.11% increase and reached 255.25 INR.
Stock Market September 18th:
On Friday, both Sensex and Nifty continues its bearish trend in the stock market from the last session. The Sensex is trading below 38,900 levels and the Nifty is trading below 11,500 levels in the stock market. The Sensex lost 134.03 points with a 0.34% decrease and reached a 38,845.85 level. While Nifty lost 11.15 points with a 0.097% decrease and reached 11,504.95 level.
On the other side, the number of coronavirus cases in India reached 53,08,014 as of Saturday, September 19th, and deaths reached 85,619.
In the border markets, the S&P BSE SmallCap reported a bearish trend in the stock market on Friday. It lost 49.57 points with a 0.32% decrease and reached a 15,299.98 level. The S&P BSE MidCap gained 38.67 points with a 0.26% increase and reached 15,047.80 level. While the Nifty Bank lost 289.30 points with a 1.30% decrease and reached 22,031.05 level.
Top Gainers on September 18th: Dr. Reddy’s Laboratories, Cipla, Adani Ports, Bharti Airtel, Grasim Industries are the top gainers in today’s stock market.
Top Losers on September 18th: HDFC Bank, Kotak Mahindra Bank, Bajaj Finserv, Shree Cements, and Maruti Suzuki are the top losers in today’s stock market.
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