Titagarh Rail Systems shares up 2% on contract with Gujarat Metro Rail Corporation

The contract is for the design, manufacture, supply, testing, commissioning and training of 72 standard gauge cars.

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Titagarh Rail Systems share price gained more than 2 percent in the early trading hours on October 4 after the company signed a contract for the Surat Metro Rail Phase I Project.

At 09:22 am, Titagarh Rail Systems was quoting Rs 789, up Rs 2.38 percent on the BSE.

The contract is for the design, manufacture, supply, testing, commissioning and training of 72 standard gauge cars.

The order value for this project is approximately Rs 857 crore.

The execution of the contract is slated to commence 76 weeks after the signing and is expected to be completed in 132 weeks thereafter.

The Surat Metro Rail Project encompasses two corridors spanning a total of 40.45 kilometres with 38 stations and an estimated cost of Rs 12,020 crores.

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In August, the company had received a letter of acceptance for a Rs 350-crore contract from Gujarat Metro Rail Corporation (GMRC) for the design, manufacture, supply, testing, commissioning and training of 30 standard gauge cars.

In June, the company received an order worth Rs 857 crore for providing 72 standard gauge metro coaches to be used for Phase-1 of the Surat Metro Rail project.

The company reported a 110.87 percent on-year surge in revenue from operations at Rs 911 crore in the June quarter, while its net profit stood at Rs 62 crore.

Titagarh Rail Systems is engaged in the business of manufacturing railway wagons, coaches, and allied components.