Titagarh Rail Systems stock gains on launching Rs 700-crore QIP issue

Titagarh Rail intends to utilise the QIP proceeds to repay outstanding debt, fund working capital working requirements, and for general corporate purposes

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Shares of Titagarh Rail Systems gained 1.6 percent to Rs 999 per share on December 8 after the company launched a qualified institutional placement (QIP) issue to raise Rs 700 crore. The floor price of the QIP was fixed at Rs 976 apiece, almost at par with the December 7 closing price (Rs 983 apiece).

In the past one month, the stock of this railway component manufacturer has surged 25 percent as against a 7 percent rise in the benchmark Sensex. Earlier, Titagarh Rail shares touched a 52-week high of Rs 1,045 apiece on November 21, 2023.

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Titagarh Rail intends to utilise the QIP proceeds to repay outstanding debt, fund working capital working requirements, and for general corporate purposes. Nuvama Wealth Management is the book running lead manager for the QIP.

As per the exchange filing, the company said it will meet on December 12, 2023 to determine the QIP issue closing date and the price at which the equity shares will be issued and allotted.

Earlier, Titagarh informed they had forged a strategic partnership with ABB for metro projects in India. “ABB and Titagarh Rail Systems will work together to supply propulsion systems for metro projects in India. The agreement would include technology transfer and licensing as part of the government’s ‘Make In India’ initiative,” the exchange filing on November 20 said.

ALSO READ: Titagarh Rail Systems bags Rs 350 crore contract from Gujarat Metro

Analyst view

Analysts at Antique shared a ‘buy’ rating on the counter in an earlier note, with a target price of Rs 1,013 apiece.

“While Titagarh is India’s undisputed leader in the wagon manufacturing space, now it is also among India’s very few integrated manufacturers of passenger rail systems. We believe the company has created a manufacturing set-up, which is difficult to replicate, and has the capacity to grow its turnover to Rs 90,000-10,000 crore over the next five years,” the brokerage firm added.

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