Titagarh Rail Systems Ltd. shares surged to their highest level since mid-January after its fourth-quarter profit surged, meeting analysts' estimates.
Net profit of the company rose 63.7% year-on-year to Rs 79 crore during the quarter ended March 2024, according to an exchange filing. Analysts polled by Bloomberg estimated a profit of Rs 78.4 crore.
Freight rail systems drove Titagarh Rail Systems' overall revenue growth. While, revenue from passenger rail systems declined.
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Shares of Titagarh Rail Systems Ltd. rose 9.39% intraday, the highest level since Jan. 20. They pared gains to trade 4.09% higher at 10:33 a.m., compared to a 0.01% advance in the NSE Nifty 50.
The stock has gained 256.53% in 12 months, and it has risen 11.97% year-to-date. Total traded volume so far in the day stood at 8.8 times its 30-day average. The relative strength index was at 72.76, implying the stock was overbought.
Of 10 analysts tracking the company, nine maintain a 'buy' rating and one recommends a 'hold', according to Bloomberg data. The average 12-month analysts' price target implies an upside of 8.6%.
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