State-owned RITES Ltd on Friday (September 27) said it has received a Letter of Award (LOA) to provide railway operation and maintenance services at Dhamra Port, under Adani Ports and SEZ Ltd (APSEZ).

“…we are pleased to inform you that RITES has received the LOA for providing Railway operation & Maintenance Services at the Dhamra Port Company Ltd,” a stock exchange filing reead.

The contract, valued at approximately ₹100 crore exclusive of GST, is set to be executed over five years starting November 1, 2024.

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On Thursday, the RITES Ltd-led consortium emerged as the lowest bidder in a Delhi Metro Rail Corp Ltd tender, with the bid valued at ₹87.58 crore. “RITES Consortium emerges as the lowest bidder (L-1) in the tender floated by Delhi Metro Rail Corporation Limited for “Retrofit Work in RS-1 Trains of DMRC,” the filing said.

Of the total tender value, the share of RITES is 49%, or approximately ₹42.91 crore, including goods and services tax.

The consortium must execute the order within three years from the date of issuance of the letter of award, RITES said in its filing. The state-owned undertaking recently announced a 1:1 bonus share allotment and a final dividend of ₹5 per share for eligible shareholders. This year, the PSU’s stock price has gained over 45%.

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Shares of RITES Ltd ended at ₹357.70, down by ₹7.70, or 2.11% on the BSE.