Titagarh Rail Jumps Over 8% On Rs 170 Crore Order From Defense Ministry

Shares of Titagarh Rail Systems Ltd. jumped over 8% on Monday after it bagged a Rs 170 crore order from the Ministry of Defense.

The order is for manufacture and supply of specialised 250 wagons to the Ministry of Defense, according to exchange filing. The execution of the order will start 12 months after signing the contractor, and is stipulated to complete within 36 months.

Scrip of the company rose as much as 8.27% to Rs 1,037.00 apiece, their highest level since Feb 7. It was trading 4.20% higher at Rs 998.00 as of 2:17 p.m. This compares to 0.55% advance in the Nifty 50 index.

The scrip has gained 356.35% in the past 12 months. Total traded volume so far in the day stood at 2.0 times its 30-day average. The relative strength index was at 46.54.

Out of nine analysts tracking the company, eight maintain a 'buy' rating, one recommends a 'hold,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 23.0%