Texmaco Rail Bags Rs 122-Crore Contract For Traction Substation In Mumbai Suburban Railway

Texmaco Rail & Engineering Ltd. has bagged a Rs 122.3-crore contract for the design, supply and commissioning of a gas-insulated traction substation for the Mumbai Suburban Railway network, according to a release on Tuesday.

The contract was awarded by the Mumbai Railway Vikas Corp. This project features a 50 MVA transformer. This is "the largest ever" in a traction substation and the high-capacity infrastructure will significantly boost efficiency and reliability, the release stated.

"Texmaco's latest achievement aligns seamlessly with the Make in India initiative, focusing on indigenous manufacturing and technological innovation in railway electrification," Vice Chairperson Indrajit Mookerjee said.

"This project establishes new benchmarks in railway electrification," UV Kamath, chief executive officer of the electrical division at Texmaco, said.

Shares of Texmaco Rail & Engineering closed 0.66% lower at Rs 160.37 apiece on the NSE, compared to a 0.7% fall in the benchmark Nifty. The stock has fallen 22.77% in the last 12 months and 17.24% on a year-to-date basis.

Four analysts tracking the company have a 'buy' rating on the stock, according to Bloomberg data. The average of 12-month analysts' price target implies a potential upside of 31.6%.