RITES Limited has been awarded a contract worth Rs 36.36 crore by the Delhi Metro Rail Corporation (DMRC) to carry out retrofit work on RS-1 trains.

The company was the lowest bidder in a tender issued by DMRC on September 26 and received the letter of acceptance on November 5.

The project aims to improve the performance and lifespan of the trains and is expected to be completed within three years.

Following this announcement, RITES shares experienced a 2% increase, contributing to an overall 18% gain in the stock's value this year.

This performance has surpassed the 10% increase seen in the Nifty index.

The contract does not involve any related party transactions and is exclusively conducted with DMRC as a domestic client, which further solidifies RITES' position in the public sector undertaking landscape.