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RITES Plunges 4%; BSE CAPITAL GOODS Index Down 2.1%
Mon, 4 Nov 13:17

RITES Plunges 4%; BSE CAPITAL GOODS Index Down 2.1%Image source: DNY59/www.istockphoto.com

RITES share price has plunged 4% and is presently trading at Rs 290.4.

Meanwhile, the BSE CAPITAL GOODS index is at 68,262.6 (down 2.1%).

Among the top losers in the BSE CAPITAL GOODS index today are BHEL (down 4.3%) and GMR Infra (down 4.3%).

V GUARD IND. (up 3.1%) and TIMKEN INDIA (up 2.3%) are among the top gainers today.

Over the last one year, RITES has moved up from Rs 226.1 to Rs 290.4, registering a gain of Rs 64.3 (up 28.4%).

On the other hand, the BSE CAPITAL GOODS index has moved up from 45,784.4 to 68,262.6, registering a gain of 49.1% during the last 12 months.

The top gainers among the BSE CAPITAL GOODS index stocks during this same period were HINDUSTAN AERO. (up 131.9%), Bharat Electronics (up 111.9%) and Siemens (up 107.6%).

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

What About the Benchmark Indices?

The BSE Sensex is at 78,462.0 (down 1.7%).

The top losers among the BSE Sensex today are Bajaj Finserv (down 4.0%) and MUNDRA PORT & SEZ (down 3.8%). The most traded stocks in the BSE Sensex are ICICI Bank and Tata Steel.

In the meantime, NSE Nifty is at 23,905.7 (down 1.6%). Hero Motocorp and Bajaj Auto are among the top losers in NSE NIFTY.

Over the last 12 months, the BSE Sensex has moved up from 63,874.9 to 78,462.0, registering a gain of 14,587.1 points (up 22.8%).

RITES Financial Update...

RITES net profit fell 26.3% YoY to Rs 883 million for the quarter ended June 2024, compared to a profit of Rs 1,197 million a year ago. Net sales declined 10.8% to Rs 4,858 million during the period as against Rs 5,444 million in April-June 2023.

For the year ended March 2024, RITES reported 13.3% decrease in net profit to Rs 4,952 million compared to net profit of Rs 5,710 million during FY23. Revenue of the company fell 8.8% to Rs 20,580 million during FY24.

The current Price to earnings ratio of RITES, based on rolling 12 month earnings, stands at 30.5.

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