- Titagarh Rail received a Rs 312.69 crore order from the Ministry of Railways
- The order is for manufacturing and supplying 780 BVCM-C wagons
- The contract is to be completed within nine months of placement
Shares of Titagarh Rail Systems Ltd. traded higher on Monday after the company announced it had received a fresh order worth Rs 312.69 crore from the Ministry of Railways.
The order, which involves the manufacturing and supply of 780 BVCM-C wagons, is scheduled to be executed within nine months from the date of contract placement.
Titagarh Rail Systems, headquartered in Kolkata, is a key player in the domestic rail manufacturing sector. It specialises in producing freight wagons, passenger coaches, metro train components, and other rolling stock for both Indian and international markets.
The latest contract adds to Titagarh's momentum in the railway segment, which has seen increased government spending and modernisation efforts.
The scrip rose as much as 1.40% to Rs 939 apiece, but pared gains to trade at the same level as of 12: 41 p.m. This compares to a 0.29% advance in the NSE Nifty 50 Index. It has fallen 42.14% in the last 12 months. The relative strength index was at 54.
Out of eight analysts tracking the company, seven maintain a 'buy' rating and one recommends a 'hold', according to Bloomberg data. The average 12-month consensus price target implies an upside of 19%.
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