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RITES Plunges 3%; BSE CAPITAL GOODS Index Down 2.3%
Tue, 23 Jul 14:40

RITES Plunges 3%; BSE CAPITAL GOODS Index Down 2.3%Image source: Kameleon007 /www.istockphoto.com

RITES share price has plunged 3% and is presently trading at Rs 703.0.

Meanwhile, the BSE CAPITAL GOODS index is at 71,027.3 (down 2.3%).

Among the top losers in the BSE CAPITAL GOODS index today are Bharat Electronics (down 3.8%) and L&T (down 3.5%).

Lakshmi Machine (up 2.1%) and ADANI GREEN ENERGY (up 1.6%) are among the top gainers today.

Over the last one year, RITES has moved up from Rs 419.0 to Rs 703.0, registering a gain of Rs 284.0 (up 67.8%).

On the other hand, the BSE CAPITAL GOODS index has moved up from 41,819.7 to 71,027.3, registering a gain of 69.8% during the last 12 months.

The top gainers among the BSE CAPITAL GOODS index stocks during this same period were BHEL (up 222.4%), HINDUSTAN AERO. (up 150.7%) and Bharat Electronics (up 137.1%).

Dear Reader: If You Invest in Midcap Stocks, this is for You

What About the Benchmark Indices?

The BSE Sensex is at 80,452.7 (down 0.1%).

The top losers among the BSE Sensex today are L&T (down 3.5%) and Bajaj Finance (down 2.0%). The most traded stocks in the BSE Sensex are Tata Steel and NTPC.

In the meantime, NSE Nifty is at 24,494.4 (down 0.1%). L&T and Hindalco are among the top losers in NSE NIFTY.

Over the last 12 months, the BSE Sensex has moved up from 67,097.4 to 80,452.7, registering a gain of 13,355.2 points (up 19.9%).

RITES Financial Update...

RITES net profit fell 3.5% YoY to Rs 1,343 million for the quarter ended March 2024, compared to a profit of Rs 1,392 million a year ago. Net sales declined 6.3% to Rs 6,433 million during the period as against Rs 6,868 million in January-March 2023.

For the year ended March 2023, RITES reported 6.0% increase in net profit to Rs 5,710 million compared to net profit of Rs 5,386 million during FY22. Revenue of the company fell 6.1% to Rs 22,557 million during FY23.

The current Price to earnings ratio of RITES, based on rolling 12 month earnings, stands at 34.5.

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