Shares of Oriental Rail Infrastructure shot up sharply on Thursday afternoon as the company announced bagging the massive order.
What Happened: The railway company on Thursday announced that its subsidiary Oriental Foundry Private Limited bagged a ₹485.08 crore order from the India Railways. As per the order, the company will manufacture and supply 1200 BOXNS wagons.
Earlier in the year, Oriental Foundry Private Limited had received research design & standard organization (RDSO) approval for the enhancement of its manufacturing capacity of wagons up to 2,400 per year.
As per the exchange filing, the order is expected to be completed by December 2025. The stock has been on the bullish run in the past few months backed by a strong inflow of orders. In the past six months, the stock has surged up over 240%.
In October, the company had announced bagging a bagging a ₹37 crore 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.
Price Action: Shares of Oriental Rail Infrastructure were locked in 5% upper circuit at ₹167.30 on Thursday afternoon.
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.