Titagarh Rail shares up 8% on order worth Rs 170 crore from defence ministry

The share touched a 52-week high of Rs 1,249.00 and a 52-week low of Rs 203.00 on 20 January, 2024 and 23 February, 2023, respectively.

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Titagarh Rail Systems share price rose 8 percent in early trade on February 19 after the company bagged an order worth Rs 170 crore from the Defence Ministry. At 09:26 hrs, Titagarh Rail Systems was quoting at Rs 1,032.80, up Rs 76.30, or 7.98 percent, on the BSE.

“…. has received an order from the Ministry of Defence, Government of India for procurement of 250 specialized wagons. The execution of the contract is scheduled to start 12 months after the signing of the contract and complete in 36 months,” company said in its press release.

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In January 2024, the company had signed an agreement with Amber group to foray into railway component and subsystem business in India and overseas.

Under the pact, TRSL and Amber group, via its wholly owned subsidiary Sidwal Refrigeration Industries Pvt Ltd, will invest up to Rs 120 crore each to acquire equal control in the SPV for setting up the new railway component business as well as fresh equity investment in Firema, Italy.

The company announced a 130 percent on-year surge in net profit to Rs 75 crore in Q3.

Revenue from operations for the same period increased 24.6 percent year-on-year to Rs 954.7 crore in Q3FY24.

The share touched a 52-week high of Rs 1,249.00 and a 52-week low of Rs 203.00 on 20 January, 2024 and 23 February, 2023, respectively.

Currently, the stock is trading 17.31 percent below its 52-week high and 408.77 percent above its 52-week low.