Titagarh Rail Systems Ltd. won another order worth Rs 2,481 crore from Mumbai Metropolitan Region Development Authority, the company said in an exchange filing on Friday. The order is for manufacturing of Line 5 Metro Coaches.
The contract entails design, manufacture and supply of 132 Metro coaches, along with signaling for 24.9 km and telecom across 16 stations, also includes five years of Comprehensive Maintenance, the company added. It includes designing, manufacturing, suppling, installation testing and commissioning of rolling stock, telecommunication and more.
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The contract covers both Phase 1 (Kapur Bawdi–Kasheli–Dhamankar Naka) and Phase 2 (Dhamankar Naka–Bhiwandi–Kalyan APMC) of the Mumbai Metro Line 5 project. The Make-in-India driverless metro trainsets for Line 5 will feature stainless-steel car bodies, offering durability and energy efficiency. They will incorporate a modern, ergonomic design with comfortable interiors to enhance passenger comfort and safety.
This will be the second major contract from Mumbai metro, the first one included order for the rolling stock of line 6.
The company received a letter of intent from Garden Reach Shipbuilders & Engineers Ltd. for an order worth Rs 467.3 crore in August.
The order was for the construction of two vessels that will be used by the Geological Survey of India for coastal exploration.
Titagarh Rail Share Price Today
The business update was shared after market hours. The stock settled 1.66% lower at Rs 884.55 apiece on the NSE, compared to a 0.60% decline in the benchmark Nifty 50. The shares earlier during the day fell as much as 1.89% to Rs 882.50 per share.
Titagarh Rail shares have fallen 27.59% in the last 12 months and 19.94% year-to-date.
All nine analysts tracking the company maintain a 'buy' rating according to Bloomberg data. The average 12-month consensus price target of Rs 1,059.78 implies an upside of 19.8%.
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