Texmaco Rail shares up 3%; co looking to raise equity capital

Texmaco Rail & Engineering said that a meeting of the board of directors is scheduled for July 17, 2023, at 4:30 pm to consider proposal for fund raising by way of issue of one or more instruments including equity shares/convertible Securities either by way of preferential issue or rights issue or qualified institutional placement or a combination thereof.

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Shares of Texmaco Rail & Engineering rose 3 percent on July 13 after the company announced it will consider raising funds in its upcoming board meet.

The company said that a meeting of the board of directors is scheduled for July 17, 2023, at 4:30 pm to consider proposal for fund raising by way of issue of one or more instruments including equity shares/convertible Securities either by way of preferential issue or rights issue or qualified institutional placement or a combination thereof.

At 9:21 am, shares of the company were trading 1.4 percent higher at Rs 81.7 on the BSE. The stock has given a return of near 80 percent in the past three months.

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Its consolidated net sales soared 87 percent YoY to Rs 835.27 crore in March 2023 while net profit jumped 236 percent to Rs 18.33 crore.

The company had a healthy order book position of Rs 9,033 crore as on January 01, 2023.

Texmaco Rail & Engineering has long presence in railway wagon manufacturing and has gradually diversified into commodity specific wagons for private parties, electric locomotive shells and sub-assemblies supplied to private parties.

Over the years, it has added capacity for manufacturing hydro-mechanical equipment, heavy steel structures, process equipment and steel foundry products. Texmaco Rail is one of the largest players in the domestic wagon manufacturing industry in India. It also ventured into rail EPC for railway track laying, signaling and telecommunication, and also has strengthened its position as a total rail solutions provider.

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