Titagarh Rail Systems closed more than 3 per cent higher on Monday after the company announced about receiving an order worth Rs 170 crore from the Defence Ministry. In a filing to the stock exchanges, the company said 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.
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 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.
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. 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.
Comments
0 comment