Several railway stocks including Rail Vikas Nigam (RVNL), Titagarh Wagons, and Bharat Heavy Electricals (BHEL) surged on Thursday after receiving tenders to manufacture Vande Bharat trains.
What Happened: The companies received tenders to build 200 Vande Bharat trains. RVNL emerged as the lowest bidder with a bid of ₹120 crore per trainset. BHEL and Titagarh Wagons both came in second lowest at ₹139 crore per trainset.
The news sent the shares of the companies soaring as the markets opened on Thursday. The surge was led by RVNL which skyrocketed close to 15% to reach Thursday’s intraday high of ₹67.50.
The surge was also noticed by trade strategist and investor Safir Anand, who took to Twitter to say, “super boooooost for railway stocks.” He then mentioned the fact that Titagarh Wagons was near its 52-week high of ₹240 and added that “the way railway is expanding I would remain invested.” Shares of the company have surged over 30% in the past six months.
Price Action: Here is how the stocks trade in the late hours of trading on Thursday.
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RVNL was up 12.44% to trade at ₹65.80.
BHEL shares traded 2.41% higher at ₹74.51.
Titagarh Wagons shares were up 4.69% to trade at ₹223.10.
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