RITES shares jumped 5% on declaring third interim dividend for FY22

Shares of RITES jumped 4.9 per cent in early trade on Tuesday as investors welcomed the railway company’s decision to declare a third interim dividend of Rs 7.50 per share for the current financial year.

The record date for the dividend payout has been fixed as March 25.

The company’s counter climbed to a high of Rs 258 as against the previous close of Rs 246.05 on the National Stock Exchange.

RITES reported a total income of Rs 791.65 crores during the period ended December 31, 2021, as compared to Rs.480.08 crores during the period ended December 31, 2020, reports said.

In the third quarter of the current financial year, the company posted a profit after tax of Rs 138.66 crore as against a net profit of Rs 102.32 crore the same period a year ago.

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For the period ended December 31, RITES reported earnings per share of Rs 5.77 as against Rs 4.17 the same time a year ago.

In a separate development, the Ministry of Railways on Monday appointed Raj Kumar Mangla, Additional Member (Production Unit), Railway Board as part-time Government Nominee Director of the Company with immediate effect till he holds the post of Additional Member (Production Unit), Railway Board or until further orders, whichever is earlier, reports said.