Titagarh Rail Shares Rally 4% on Contract with Gujarat Metro Rail Corporation

 

Titagarh Rail Shares
Titagarh Rail Shares

Titagarh Rail Shares rose 4% to hit an intraday high of Rs 803.90 on October 4 after the company signed a contract for the Surat Metro Rail Phase I project.

The company has signed a contract to develop, manufacture, test, supply, commission and train 72 standard gauge freight cars.

The total value of the contract is estimated at Rs 857 million.

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Closing of the agreement begins 76 weeks after signing and must be completed within 132 weeks after signing.

The Surat metro project will be implemented in his two phases, with a total length of 40.45 km, 38 stations and a cost of around Rs 12,020 crore. In August, the company also received a Rs 350-crore approval certificate from the Gujarat Metro Rail Corporation for the design, supply, trial manufacture, commissioning and training of 30 standard gauge coaches.

[Business description] The company is engaged in the manufacture of railway vehicles, passenger cars, and related parts.

In its April-June quarterly report, the company reported a 110.87% increase in operating revenue to Rs 911 million and a net profit of Rs 62 billion.

As of 11:50 am, shares of Titagarh Rail Systems were trading at Rs 781.40, 1.49 per cent higher than its previous closing price on the NSE.

 

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