New Delhi, Sept. 26 -- RITES share price surged by more than 7% on Friday, September 26, following the announcement that the state-owned railway company secured an $18-million deal from Talis Logistics in South Africa to provide and install refurbished diesel locomotives in a timeframe of 6 to 8 months.

"We are pleased to inform you that RITES has received letter of award from Talis Logistics, South Africa for "Supply and commissioning of Overhauled in-service Cape Gauge ALCO Diesel Electric Locomotives," said the firm in an exchange filing.

Last week, the company secured a rate contract worth Rs.78.65 crore from NTPC for leasing diesel locomotives for NTPC power plants throughout the country.

RITES has confirmed that the deal does not...