Titagarh Rail Systems zooms ~5% on receiving new order worth Rs 857 crore

28 Jun 2023 , 12:47 PM

Titagarh Rail Systems witnessed a 5% increase in its shares on the BSE, reaching a 52-week high of Rs 529.2 on Wednesday. This surge followed the company’s receipt of orders worth Rs 857 crore from Gujarat Metro Rail Corporation.

The orders relates to the design, testing, manufacturing, supply, commissioning, and training of 72 Standard Gauge Cars for the Surat Metro Rail Phase-I Project I.

Titagarh Rail Systems said in an exchange filing that the order for Surat metro coaches would begin 76 weeks after the contract was signed and would be completed in 132 weeks.

At around 12.36 PM, Titagarh Rail Systems was trading 4.34% higher at Rs 508.65, against the previous close of Rs 487.50.

In the upcoming financial year 2024, the company plans to enhance its wagon manufacturing capacity from 8,400 wagons annually to 12,000 wagons annually.

Titagarh bagged a major order in May last year for supply of 24,177 wagons over three years, ensuring strong growth in the segment over FY23-25.

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