Shares of Oriental Rail Infrastructure Limited were locked in 2% upper circuit after it announced bagging an order from Modern Coach Factory (MCF), Raebareli, Indian Railways.
What Happened: The company on Wednesday evening announced bagging an order from the Modern Coach Factory (MCF), Raebareli, Indian Railways for manufacturing and supplying 542 sets of ‘seats and berths', which includes 446 sets for LHB AC 3T coaches and 96 sets for LWSCN coaches.
See Also: Porinju Veliyath Raises Stake In This Micro Cap Stock, Shares Hit 52-Week High
The 446 sets for LHB AC 3T coaches are to be completed/supplied by December 31, 2024, whereas the order of 96 sets for LWSCN coaches is to be completed/supplied up to February 29, 2024
The order is worth around ₹37.64 crore. Last week, the railway company 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.
Since then the stock has been on a great run, hitting the upper circuit for seven straight sessions.
Price Action: Oriental Rail's share price was locked in 2% upper circuit at ₹94.17 on Thursday morning.
Read Next: Micro Cap Stock Rockets 8% After Bagging Order From Defence Ministry
Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.