CG bags order of Rs111cr from Indian Railways; Stock gains 2%
India Infoline News Service | Mumbai | November 23, 2017 15:29 IST
Avantha Group Company CG
has bagged an order of Rs111crore from Indian Railways for Drive Propulsion System of Electric Loco at Chittaranjan Locomotive Works.
CG’s Drive Propulsion System comprises of IGBT based Traction converter, Auxiliary converter, TCN based Vehicle control unit and Driver Display Unit which helps to run trains efficiently at a higher speed with reduced energy consumption.
The order is significant to Indian Railways capacity enhancement plans and meets the demand for electric loco products with an emphasis on the propulsion system. This opens up huge opportunities for CG especially in electric locomotives.
The stock is currently trading at Rs 247.3, up by Rs 4.3 or 1.77% from its previous closing of Rs 243 on the BSE. The scrip opened at Rs 243.05 and has touched a high and low of Rs 249.8 and Rs 241.95 respectively.