Shares of Titagarh Rail Systems (formerly Titagarh Wagons) went up over 5% on Monday to hit a new 52-week high of ₹450.

What Happened: Titagarh’s share price has been on a dream run this year. On a year-to-date basis, the stock has gone up over 95%. The surge today comes as brokerage firm Antique initiated coverage on the stock with a ‘buy’ rating. The firm assigned a target price of ₹694 – an over 60% upside from the stock’s last closing price of ₹425.10.

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The firm said that the company has developed a manufacturing set-up that is difficult to replicate. The firm added that the company has to grow its turnover to ₹9,000 crore-₹10,000 crore over the next five years. The analysts noted that the stock’s valuation is cheap and the company’s long-term growth potential is not priced in.

The coverage initiation comes just days after the company announced getting a massive government contract. A consortium between RK Forgings and Titagarh Rail Systems won a 12,000 crore contract to manufacture and supply 15.4 lakhs forged wheels over a span of 20 years.

Price Action: Titagrah’s share price was up 5.85% to trade at ₹449.95 on Monday afternoon.

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