Titagarh Rail Systems Ltd. bagged a Rs 430.53-crore contract from the Maharashtra Metro Rail Corp., for the supply of 12 additional trainsets.
The company will undertake the design, manufacture, supply, testing, and commissioning of passenger rolling stock (electrical multiple units) and training of personnel, according to an exchange filing on Saturday.
The execution of the project is to be concluded in 30 months.
This news comes after the Union Cabinet on Wednesday approved the second phase of the Pune Metro Rail Project, which has a budget of Rs 3,626 crore. It spans 13 stations, covering up to 12.75 km and has two elevated corridors. The two corridors will be Vanaz to Chandani Chowk and Ramwadi to Wagholi, respectively.
It is expected to be completed by four years.
The extension of Corridor-2 is in line with the 'Comprehensive Mobility Plan', which envisions a continuous Chandani Chowk to Wagholi Metro corridor to build-up the East–West mass transit in Pune, Information and Broadcasting Minister Ashwini Vaishnaw said.
Shares of Titagarh Rail closed 0.26% lower at Rs 936.35 apiece on the NSE on Friday, compared to a 0.35% advance in the benchmark Nifty 50. The stock has fallen 49.65% in the last 12 months and 15.25% on a year-to-date basis.
Out of nine analysts tracking the company, eight have a 'buy' rating on the stock and one recommends 'hold', according to Bloomberg data. The average of 12-month analysts' price target implies a potential upside of 20.1%.
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