Jupiter Wagons shares rise 2% on bagging Rs 1,617-cr railway contract

Ministry of Railways (Railway Board) has awarded an order to manufacture and supply of 4,000 numbers of BOXNS wagons.

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The share price of Jupiter Wagons gained 2 percent in early trade on December 15 after the company received a Rs 1,617-crore order from the Ministry of Railways.

At 9:21am, Jupiter Wagons was quoting Rs 335.65, up Rs 6.50, or 1.97 percent, on the BSE.

“The Ministry of Railways (Railway Board) vide its letter of acceptance dated December 14, 2023 has awarded an order to manufacture and supply of 4,000 numbers of BOXNS wagons for a contract value of Rs 1,617 crore,” the company said in its release.

Earlier this week, rating agency ACUITE Rating and Research assigned the Long Term Rating at AA (-)/Stable/Upgraded and Short Term Rating at ACUITE A1(+)/Upgraded to the Bank Loan facilities of the company.

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The company’s consolidated net profit for the quarter ended September 2023 jumped 241 percent at Rs 82.07 crore.

On December 4, the company’s QIP Committee approved the allotment of 12,80,65,95 equity shares of face value Rs 10 each to eligible qualified institutional buyers at the issue price of Rs 315 per equity share (including a premium of Rs 305 per equity share) against the floor price of Rs 331.34 per equity share, aggregating to Rs 403.40 crore.