In early trade on February 19, Titagarh Rail Systems witnessed an 8 percent rise in its share price following the announcement of securing an order worth Rs 170 crore from the Defence Ministry. As of 09:26 hrs, Titagarh Rail Systems was quoted at Rs 1,032.80 on the BSE, marking an increase of Rs 76.30, or 7.98 percent. As of 11:05 am, the share was dealing at a price of Rs. 1,004.80 with an increase of 4.91%.
The company disclosed in a press release that it has been awarded a contract by the Ministry of Defence, Government of India, for the procurement of 250 specialized wagons. The contract’s execution is slated to commence 12 months after its signing and is expected to conclude within 36 months.
Earlier in January 2024, Titagarh Rail Systems had entered into an agreement with the Amber group to venture into the railway component and subsystem business in both domestic and international markets. As part of this agreement, TRSL and Amber group, through its wholly owned subsidiary Sidwal Refrigeration Industries Pvt Ltd, committed to investing up to Rs 120 crore each to gain equal control in the Special Purpose Vehicle (SPV) established for initiating the new railway component business, as well as for fresh equity investment in Firema, Italy.
The company reported a notable 130 percent year-on-year increase in net profit, amounting to Rs 75 crore in Q3. Additionally, revenue from operations for the same period experienced a substantial 24.6 percent year-on-year growth, reaching Rs 954.7 crore in Q3FY24.
Titagarh Rail Systems’ share price had touched a 52-week high of Rs 1,249.00 and a 52-week low of Rs 203.00 on January 20, 2024, and February 23, 2023, respectively. Currently, the stock is trading 17.31 percent below its 52-week high and 408.77 percent above its 52-week low.
