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RITES Plunges 4%; BSE CAPITAL GOODS Index Down 2.7%
Fri, 25 Oct 12:25

RITES Plunges 4%; BSE CAPITAL GOODS Index Down 2.7%Image source: asbe/www.istockphoto.com

RITES share price has plunged 4% and is presently trading at Rs 277.8.

Meanwhile, the BSE CAPITAL GOODS index is at 66,089.2 (down 2.7%).

Among the top losers in the BSE CAPITAL GOODS index today are BHEL (down 4.9%) and Finolex Cables (down 4.2%).

Thermax (up 3.7%) is among the top gainers today.

Over the last one year, RITES has moved up from Rs 234.0 to Rs 277.8, registering a gain of Rs 43.8 (up 18.7%).

On the other hand, the BSE CAPITAL GOODS index has moved up from 46,119.3 to 66,089.2, registering a gain of 43.3% during the last 12 months.

The top gainers among the BSE CAPITAL GOODS index stocks during this same period were HINDUSTAN AERO. (up 124.5%), Bharat Electronics (up 97.9%) and Siemens (up 97.6%).

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

What About the Benchmark Indices?

The BSE Sensex is at 79,359.7 (down 0.9%).

The top losers among the BSE Sensex today are Indusind Bank (down 19.4%) and M&M (down 4.7%). The most traded stocks in the BSE Sensex are Tata Steel and Indusind Bank.

In the meantime, NSE Nifty is at 24,135.5 (down 1.1%). Indusind Bank and M&M are among the top losers in NSE NIFTY.

Over the last 12 months, the BSE Sensex has moved up from 64,571.9 to 79,359.7, registering a gain of 14,787.8 points (up 22.9%).

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 29.1.

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