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The contract has been awarded by the Department of Collegiate and Technical Education (DCTE), Office of the Commissioner, Unnatha Shikshna Soudha, Seshadri Road, Bengaluru.
The aforementioned project was earlier considered on project management consultancy (PMC) basis. It now has been converted into turnkey contract (cost of project plus RITES fees).
The project cost, including RITES fees, is Rs 46.82 crore. The project has to be executed within a period of 36 months.
RITES, a Miniratna (Category-I) Schedule 'A' public sector enterprise, is a leading player in the transport consultancy and engineering sector in India, having diversified services and geographical reach. As of 31 March 2025, the Government of India held a 72.20% stake in the company.
The company's consolidated net profit rose 5.24% to Rs 132.71 crore despite a 4.32% decline in revenue to Rs 615.43 crore in Q4 FY25 as compared with Q4 FY24.
At 11:30 IST, the barometer index, the S&P BSE Sensex declined 144.86 points or 0.17% to 83,552.43. The Nifty 50 index lost 48.60 points or 0.19% to 25,493.10.
In the broader market, the S&P BSE Mid-Cap index declined 0.16% and the S&P BSE Small-Cap index fell 0.30%.
The market breadth was negative. On the BSE 1,558 shares rose and 2,166 shares fell. A total of 189 shares were unchanged.
IPO Update:
The initial public offer (IPO) of CRIZAC received bids for 21,19,384 shares as against 2,58,36,909 shares on offer, according to stock exchange data at 11:15 IST on Wednesday (2 July 2025). The issue was subscribed 0.08 times.
The issue opened for bidding on Wednesday (2 July 2025) and it will close on Friday (04 July 2025). The price band of the IPO is fixed between Rs 233 and 245 per share. An investor can bid for a minimum of 61 equity shares and in multiples thereof.
Buzzing Index:
The Nifty PSU Bank index declined 0.71% to 7,202.20. The index rallied 6.05% in the past six consecutive trading sessions.
Bank of Maharashtra (down 1.54%), Central Bank of India (down 1.51%), Bank of Baroda (down 1.45%), Punjab & Sind Bank (down 1.05%), Canara Bank (down 1.02%), UCO Bank (down 0.7%), Bank of India (down 0.51%), State Bank of India (down 0.34%), Punjab National Bank (down 0.31%) and Indian Bank (down 0.1%) declined.
Stock in Spotlight:
Rites jumped 5.93% after the company announced that it has secured two orders, one from an international entity and another through a domestic joint venture.
Afcons Infrastructure declined 1.49%. The company said that it has received a letter of commitment (LoC) from Reliance Industries (RIL) for undertaking civil and structural erection work at RIL’s facility in Jamnagar, Gujarat.
Global Markets:
Most Asian stocks declined on Wednesday as investors evaluated recent comments from U.S. Federal Reserve Chair Jerome Powell. Powell stated on Tuesday that the central bank would have already cut interest rates if not for U.S. President Donald Trump's tariff policies.
In Singapore, stocks touched a record high on Wednesday morning, supported by local market strength despite broader global uncertainty.
Overnight in the United States, major indices ended the session with mixed results. The S&P 500 dipped 0.11% and the Nasdaq Composite declined 0.82%. In contrast, the Dow Jones Industrial Average rose 0.91%, reflecting some rotation into blue-chip stocks.
Investor sentiment remained cautious ahead of the July 9 tariff deadline, when reciprocal tariffs are scheduled to be reimposed unless a resolution is reached.
Tesla shares dropped 5.3% after President Trump criticized CEO Elon Musk, claiming he has benefited disproportionately from government subsidies. Trump also called for a review of Tesla’s federal support.
The tension follows Musk’s public criticism of a large tax and spending bill, which narrowly passed in the Senate on Tuesday. The bill is expected to add approximately 3.3 trillion dollars to the national debt. It now moves to the House of Representatives for further consideration, with President Trump aiming to sign it into law by the July 4 holiday.
Traders are now focused on Thursday's U.S. nonfarm payrolls report, which may influence the Federal Reserve's decision on a potential rate cut in July.
Bajaj Consumer Care Ltd, Rites Ltd, Venus Pipes & Tubes Ltd and Prism Johnson Ltd are among the other gainers in the BSE's 'A' group today, 02 July 2025.
Gabriel India Ltd soared 20.00% to Rs 1011.45 at 11:46 IST. The stock was the biggest gainer in the BSE's 'A' group. On the BSE, 1.41 lakh shares were traded on the counter so far as against the average daily volumes of 31676 shares in the past one month.
Bajaj Consumer Care Ltd spiked 8.32% to Rs 229.1. The stock was the second biggest gainer in 'A' group. On the BSE, 2.94 lakh shares were traded on the counter so far as against the average daily volumes of 1.16 lakh shares in the past one month.
Rites Ltd surged 6.07% to Rs 296.15. The stock was the third biggest gainer in 'A' group. On the BSE, 25.8 lakh shares were traded on the counter so far as against the average daily volumes of 1.94 lakh shares in the past one month.
Venus Pipes & Tubes Ltd spurt 5.84% to Rs 1434.95. The stock was the fourth biggest gainer in 'A' group. On the BSE, 67012 shares were traded on the counter so far as against the average daily volumes of 5121 shares in the past one month.
Prism Johnson Ltd added 4.27% to Rs 159.85. The stock was the fifth biggest gainer in 'A' group. On the BSE, 37583 shares were traded on the counter so far as against the average daily volumes of 47061 shares in the past one month.
Apollo Tyres Ltd, Tata Communications Ltd, Balkrishna Industries Ltd, Ola Electric Mobility Ltd are among the other stocks to see a surge in volumes on BSE today, 02 July 2025.
Rites Ltd notched up volume of 23 lakh shares by 10:46 IST on BSE, a 26.51 fold spurt over two-week average daily volume of 86736 shares. The stock rose 5.95% to Rs.295.80. Volumes stood at 25586 shares in the last session.
Apollo Tyres Ltd saw volume of 2.7 lakh shares by 10:46 IST on BSE, a 6.19 fold spurt over two-week average daily volume of 43551 shares. The stock increased 3.71% to Rs.464.40. Volumes stood at 29750 shares in the last session.
Tata Communications Ltd notched up volume of 44304 shares by 10:46 IST on BSE, a 6.1 fold spurt over two-week average daily volume of 7264 shares. The stock rose 1.70% to Rs.1,757.70. Volumes stood at 12088 shares in the last session.
Balkrishna Industries Ltd recorded volume of 35211 shares by 10:46 IST on BSE, a 5.73 times surge over two-week average daily volume of 6140 shares. The stock gained 3.79% to Rs.2,571.95. Volumes stood at 8631 shares in the last session.
Ola Electric Mobility Ltd clocked volume of 242.95 lakh shares by 10:46 IST on BSE, a 5 times surge over two-week average daily volume of 48.60 lakh shares. The stock lost 1.67% to Rs.41.33. Volumes stood at 51.17 lakh shares in the last session.
In a separate agreement, RITES, in partnership with Aryan, got a Letter of Acceptance (LoA) from South Western Railway for redeveloping Tumakuru Railway Station. The Engineering, Procurement, and Construction (EPC) contract covers civil works, signaling and telecommunications, and general electrical services. The order is valued at Rs 37.81 crore, excluding GST, and must be finished within 540 days from the start date.
Tata Communications Ltd, Sai Life Sciences Ltd, Apollo Tyres Ltd, Zensar Technologies Ltd are among the other stocks to see a surge in volumes on NSE today, 02 July 2025.
Rites Ltd notched up volume of 250.87 lakh shares by 14:14 IST on NSE, a 24.19 fold spurt over two-week average daily volume of 10.37 lakh shares. The stock rose 4.91% to Rs.292.75. Volumes stood at 4.67 lakh shares in the last session.
Tata Communications Ltd recorded volume of 28.78 lakh shares by 14:14 IST on NSE, a 9.36 times surge over two-week average daily volume of 3.07 lakh shares. The stock gained 4.97% to Rs.1,811.50. Volumes stood at 2.51 lakh shares in the last session.
Sai Life Sciences Ltd recorded volume of 71.9 lakh shares by 14:14 IST on NSE, a 8.06 times surge over two-week average daily volume of 8.93 lakh shares. The stock gained 2.26% to Rs.797.40. Volumes stood at 1.71 lakh shares in the last session.
Apollo Tyres Ltd notched up volume of 64.89 lakh shares by 14:14 IST on NSE, a 6.33 fold spurt over two-week average daily volume of 10.25 lakh shares. The stock rose 3.99% to Rs.465.55. Volumes stood at 4.2 lakh shares in the last session.
Zensar Technologies Ltd recorded volume of 20.08 lakh shares by 14:14 IST on NSE, a 5.37 times surge over two-week average daily volume of 3.74 lakh shares. The stock gained 1.54% to Rs.853.60. Volumes stood at 2.17 lakh shares in the last session.