Titagarh Wagons, Ramkrishna Forgings gain after consortium bags forged wheels order

The consortium of Ramkrishna Forgings and Titagarh Wagons has emerged as the Lowest Bidder (L1) as per the financial bid opened on March 14, 2023, to manufacture and supply forged wheels under Aatmanirbhar Bharat initiative of the Ministry of Railways, Government of India.

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Shares of Titagarh Wagons and Ramkrishna Forgings jumped 4 percent and 9 percent, respectively, on March 15, as the consortium of the two companies has emerged as the lowest bidder for a forged wheels order.

The consortium of Ramkrishna Forgings and Titagarh Wagons has emerged as the Lowest Bidder (L1) as per the financial bid opened on March 14 to manufacture and supply forged wheels under Aatmanirbhar Bharat initiative of the rail ministry, Government of India, as per a regulatory filing.

The total quantity of forged wheels to be supplied will be around 15,40,000 wheels over a period of 20 years, the filing said.

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At 9:59am, shares of Titagarh Wagons were trading at 245.80, up 1.7 percent, on the BSE, while Ramkrishna Forgings gained 8.4 percent at Rs 287.85 on the BSE. The former has given closer to 800 percent returns in the past three years, while the latter has soared closer to 600 percent during the same period.

With the government’s focus on railway capital expenditure, evident from the higher capex allocated to the sector, is likely to benefit companies like railway wagon manufacturer Titagarh Wagons and Ramkrishna Forgings which is a supplier to sectors like automotive, railways, farm equipment, bearings, oil and gas, power and construction, earth moving and mining, both in India and overseas markets.