Shares of Oriental Rail Infrastructure surged up 2% to hit upper circuit on Tuesday afternoon.
What Happened: The company late on Monday announced that its subsidiary Oriental Foundry Private Limited, has received research design & standard organization (RDSO) approval for the enhancement of its manufacturing capacity of wagons up to 2,400 per year.
The company added that its subsidiary has also met the requirements of infrastructure, manufacturing, testing and quality assurance for manufacturing of railway wagons as specified in Standard G 105 of June 2011.
The announcement helped the stock halt its two-session losing streak on Tuesday. The company is also scheduled to have its annual general meeting today.
With a market cap of around ₹450 crore, the micro-cap company is engaged in the manufacturing and supply of several items for the Indian Railways and other industries. It was listed on the Bombay Stock Exchange in 1996.
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Price Action: Oriental Rail’s share price was locked in 2% upper circuit at ₹83.64 on Tuesday afternoon.
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