Shares of Titagarh Wagons jumped today after the company announced emerging as the lowest bidder for a Railway contract.
What Happened: Titagarh Wagons on Wednesday announced that a consortium of Ramkrishna Forgings Limited and Titagarh Wagons Limited has emerged as the ‘Lowest Bidder’ for the Manufacturing and Supply of Forged Wheels.
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The contract comes under the Aatma-Nirbhar Bharat initiative of the Ministry of Railways, Government of India. “The total quantity of Forged Wheels to be supplied will be around 15,40,000 wheels over a period of 20 years,” the company said in a regulatory filing.
Trade strategist and investor Safir Anand who is invested in the stock recently tweeted his support for the company as it won a bid to build trainsets. The value investor had then said that with the way railways are expanding, he would advise staying invested.
Price Action: Titagarh Wagons shares were up around 0.60% to trade at ₹243.25. RK Forgings was up 7.42% to trade at ₹285.15 in the late hours of trading on Wednesday.
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