Titagarh Rail Systems shares rise 8% on order from defence ministry; check details

Titagarh Rail Systems shares rise 8% on order from defence ministry; check details

Shares of Titagarh Rail Systems Ltd zoomed over 8% in early trade on Monday after the railway wagon maker said it won an order from the defence ministry for the procurement of 250 specialized wagons. Titagarh Rail Systems stock zoomed 8.5% to Rs 1037.55 on February 19, 2024.

Market cap of the firm climbed to Rs 13,872 crore. Total 0.27 lakh shares of the firm changed hands amounting to a turnover of Rs 2.72 crore. The multibagger stock fell to a 52-week low of Rs 203 on February 23, 2023 and rose to a record high of Rs 1249 on January 20, 2024. The scrip has a one-year beta of 0.7, indicating very low volatility during the period.

The value of the order is Rs 170 crore. Execution of the contract will start 12 months after the signing of contract. The duration of completion of contract is 36 months thereafter.

In terms of technicals, the relative strength index (RSI) of the stock stands at 38.7, signaling it’s trading neither in overbought nor in the oversold zone. Titagarh Rail Systems shares are trading higher than the 5 day, 100 day, 150 day and 200 day  but lower than the 10 day, 20 day, 30 day , 50 day moving averages.

Titagarh Rail Systems reported a 91% rise in net profit to Rs 75.03 crore in Q3 against a net profit of Rs 39.22 crore in the December 2022 quarter. Total revenue climbed to Rs 954.68 crore in Q3 against Rs 766.4 crore in the corresponding period of the preceding fiscal.

About the Company

Titagarh Rail Systems is engaged in the manufacturing and selling of freight wagons, passenger coaches, metro trains, train electricals, steel castings, specialised equipment and bridges, and ships. The company operates through three segments: freight rolling stock, passenger rolling stock, and shipbuilding, bridges & defence.

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