RITES Limited has informed the Exchange regarding major order secured from Berhard Development Corporation (Private) Limited, Zimbabwe
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RITES Limited has received a Letter of Award from Berhard Development Corporation (Private) Limited, Zimbabwe, for the supply of In-Service Cape Gauge Diesel Electric Locomotives. The total order value is USD 3.6 million (approximately ₹30-31 crore). The order is to be executed within 3 months. This is an international export order, and the counterparty is not a related party. The payment is denominated in US dollars, a hard currency.
This is a positive development as it adds a new international client to RITES' order book and brings in hard currency revenue. However, the order size is relatively small compared to RITES' overall annual revenue, so the immediate impact on stock price or financials is likely to be modest.