February 20, 2024
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Titagarh Rail wins Rs 170 Crore Order from Defence Ministry
Titagarh Rail Systems informed the stock exchanges that it has received the order from the Defence Ministry for manufacturing and supplying 250 specialised wagons.
The execution of the order is slated to commence 12 months after signing the contract and expected to be fulfilled within 36 months, the company informed the exchanges.
Titagarh Rail Systems Limited witnessed a sharp rise in net profit during the third quarter of the financial year 2023–24, recording a 91.3 per cent increase at Rs 75.03 crore compared to Rs 39.22 crore in the same quarter of the preceding financial year.
In a strategic move last month, Titagarh Rail Systems partnered with Delhi’s Amber Group to venture into the railway component and sub-system business. This collaboration is aimed at strengthening the companies’ presence in the European market, signalling growth opportunities.
The company is the largest private sector manufacturer of wagons and a leading player in the passenger coaches segment. Titagarh Rail Systems manufactures and supplies railway wagons, passenger and freight rolling stock, components and metro coaches.
After the announcement, the stock gained as much as 8.47 per cent to hit an intraday high of Rs 1,037.55 apiece on BSE from its closing price of Rs 956.5 per share on Friday. The stock closed 3.24 per cent higher at Rs 987.45 apiece on BSE. Titagarh Rail Systems closed more than 3 per cent higher even on Monday. Titagarh Rail Systems has turned out to be a multibagger stock with returns of more than 350% in the last one year. The stock has surged 359 per cent in the last one year and a massive 1874 per cent in the last three years. As investors navigate the dynamic stock market landscape, Titagarh Rail Systems emerges as a promising investment opportunity, driven by substantial contracts and strategic collaborations, offering the potential for significant returns.
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