Shares of Titagarh Rail Systems Ltd (formerly known as Titagarh Wagons) galloped back in the green breaking its three straight session losing streak.
What Happened: The railway company on Tuesday signed a contract for the design, manufacture, supply, testing, commissioning and training of 72 standard gauge cars for the Surat Metro Rail Phase I Project.
The company in a statement said that the order value for this project is around ₹857 crore. The execution of the contract is slated to commence 76 weeks after the signing of the contract and is expected to be completed in 132 weeks thereafter.
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The company said that these “state-of-the-art metro” cars will be manufactured at its facility in Utarpara, located in the Hooghly district of West Bengal, India. The Surat Metro Rail Project encompasses two corridors spanning a total of 40.45 kilometres with 38 stations and an estimated cost of ₹12,020 crore.
The announcement saw the stock surge up over 4% to hit an intraday high of ₹803.90 on Wednesday morning.
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Price Action: Titagarh’s share price was up 2.38% to trade at ₹788.30 in early trade on Wednesday.
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