Railway Stock Plunges 3% Despite Securing Mega ₹957 Cr Deal

Jupiter Wagons shares were on a slump early Tuesday even after the railway company secured a ₹957 crore deal from the Ministry of Railways to produce and supply 2,237 wagons, as detailed in a recent filing.

What Happened: Aimed at improving the Indian railway network, these wagons will primarily transport bulk commodities such as coal and ore, enhancing trade and fostering economic growth.

“We are deeply honoured by the Ministry of Railways’ decision to entrust us with this esteemed project,” stated Vivek Lohia, managing director of Jupiter Wagons. He added, “This significant order serves as a reaffirmation of our standing as a reliable partner within the railway industry.”

See also: Railway Stock Jumps 3% After Bagging ₹386 Cr Orders

With its headquarters in West Bengal, Jupiter Wagons, known for producing various railway wagons, accessories, containers, and commercial vehicle bodies, as well as electric vehicles, strengthens its position in the industry with this notable contract.

Price Action: Jupiter Wagons Ltd. shares were down 2.73% at ₹353.10 on Tuesday shortly after markets opened for trading.

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