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Business News/ Markets / Stock Markets/  Titagarh Rail share price jumps over 8% on receipt of order for supply of 250 wagons
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Titagarh Rail share price jumps over 8% on receipt of order for supply of 250 wagons

Titagarh Rail Systems has received an order from the Ministry of Defense for the procurement of 250 specialized wagons. The order value is ₹170 crore.

The railway stock, Titagarh Rail Systems share price has given multibagger returns of more than 378% in the past one year and has jumped 1,957% in three years.Premium
The railway stock, Titagarh Rail Systems share price has given multibagger returns of more than 378% in the past one year and has jumped 1,957% in three years.

Titagarh Rail Systems share price rallied over 8% in the early trade on Monday after the company announced the receipt of an order from the Ministry of Defence. Titagarh Rail Systems shares jumped as much as 8.47% to 1,037.55 apiece on the BSE.

Titagarh Rail Systems has received an order from the Ministry of Defense for the procurement of 250 specialized wagons. The order value is 170 crore. 

“Execution of the contract is scheduled to start 12 months after the signing of the contract and be completed in 36 months," the company said in a regulatory filing.

In January 2024, Titagarh Rail Systems reached a significant milestone in India’s rolling stock industry by rolling out 1,021 wagons, the highest-ever monthly production of wagons by any player.

During the quarter ended December 2023, the company reported a net profit of 75.03 crore, an increase of 91% over Q3FY23.

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The company’s standalone net revenues for Q3FY24 stood at 954.68 crore with a growth of 24.57%, while EBITDA margin stood at 11.59% with 110.67 crore, an increase of 52.30% YoY.

“On a year-over-year basis, the Freight Rolling Stocks / Passenger Rolling Stocks recorded substantial growth. The Government’s unwavering emphasis on the building of world-class rail infrastructure in India makes us enthusiastic about higher and sustained growth in the upcoming quarters," said Umesh Chowdhary, Vice Chairman and Managing Director, Titagarh Rail Systems.

The company’s order book is valued at 27,466 crore and exhibits diversification among both the business segments – Freight Rolling Stock and Passenger Rolling Stock.

The railway stock has given multibagger returns of more than 378% in the past one year and has jumped 1,957% in three years.

At 9:45 am, Titagarh Rail Systems shares were trading 7.34% higher at 1,026.75 apiece on the BSE.

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Published: 19 Feb 2024, 09:46 AM IST
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