Titagarh Wagons‘ share price has gone up around 22% in the past month, as the company has bagged several contracts.
What Happened: The company on Tuesday announced getting a contract from the Indian Railways in partnership with Bharat Heavy Electronics Ltd. The consortium of BHEL and TWL will manufacture and supply 80 Sleeper Class Vande Bharat Trainsets. The consortium will also be responsible for the
comprehensive maintenance of the same for 35 years.
See also: Is Olectra Greentech Share A Good Buy?
The deal is struck at ₹120 crore per set and is scheduled to be supplied in six years. This comes after the company had just last week bagged another railway contract to supply 15,40,000 Forged Wheels of different rolling stocks to the Railways over a period of 20 years. The contract value for the order is ₹12,226.50 crore.
The company had last month proposed to change its name to Titagarh Rail Systems Limited to better “reflect its expanded business portfolio in the rail systems space.” Brokerage firm Nuvama in their latest report on the stock maintained its ‘buy’ rating for the stock with a price target of ₹346. Commenting on the brokerage’s view, Safir Anand had then written that Nuvama’s price target was rather conservative in his view.
Price Action: TWL share price was up 1.22% to trade at ₹291.45 shortly after the markets opened on Wednesday.
Get all the latest Share Market trends and news to set you up for the week ahead.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.