Titagarh Wagons rallies 24% in three days on Rs 15.6 billion order win

The stock moved higher by 11% to Rs 82.45, surging 24% in past three trading sessions after the company bagged Rs 15.61 billion order from the railway ministry for supply of wagons.

Shares of Titagarh Wagons have moved higher by 11% to Rs 82.45 per share, surging 24% in the past three trading sessions on the BSE after the company on Monday announced that it has bagged Rs 15.61 billion order from the railway ministry for supply of wagons.

“The Company has been awarded a contract for manufacture and supply of 5058 wagons to Indian Railways, the bidding for which was conducted under the reverse auction method. These wagons are BOXN HL type, designed to carry coal, steel, stones etc. and the value of order is Rs 15.61 billion,” Titagarh Wagons said in a regulatory filing.

As per the contract, one-third quantity (1686 wagons) is to be supplied within six months and to complete the supply of full quantity of wagons before 28.02.2020, it added.

At 01:35 pm; Titagarh Wagons was trading 9% higher at Rs 81.70 on the BSE, as compared to 0.83% rise in the S&P BSE Sensex. The trading volumes on the counter jumped nearly 6-fold with a combined 2.72 million equity shares changed hands on the BSE and NSE so far.