Titagarh‘s share price slipped on Tuesday morning after a three-straight session gaining streak.

What Happened: Morgan Stanley maintained an “overweight” rating on Titagarh Rail, with a target price of ₹1,337 as the brokerage believes the firm is poised to benefit from the Indian Railways’ plans to procure 90,000 wagons by 2025, thanks to its capacity enhancement initiatives.

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The company is also expanding its capabilities in propulsion manufacturing, with an eye on increasing exports. This strategic move could potentially enhance its market presence and profitability.

Shares of the company are also trading ex-dividend today. The company’s board declared a final dividend of ₹0.80 per share for the year ended March 2024.

The company reported a net profit of ₹67.01 crore for the June quarter, marking an 8% increase from ₹61.79 crore in the same quarter last year. However, its revenue from operations saw a slight decline of 0.7%, coming in at ₹903 crore, compared with ₹910 crore in the same quarter of the previous year.

Price Action: Titagarh’s share price was down 1.45% to trade at ₹1,453.75 as markets opened on Tuesday.

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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.