Titagarh Rail‘s share price rocketed on Thursday, going up over 7% to hit an intraday high of ₹1,224.
What Happened: On Wednesday, investment banking firm Morgan Stanley purchased shares of Titagarh Rail Systems worth over ₹85 crore through an open market transaction.
Morgan Stanley, via its affiliate Morgan Stanley Asia Singapore, acquired 7.63 lakh shares, representing a 0.57% stake in the Kolkata-based railway infra company, according to bulk deal data from the NSE.
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The shares were bought at an average price of ₹1,120 per share, bringing the total transaction value to ₹85.54 crore. Capital Group, through its arm SmallCap World Fund, sold over 7.90 lakh shares of Titagarh Rail Systems at an average price of ₹1,120.12 per share, according to NSE data.
Earlier in the month, the company announced the receipt of a revised Indian Railways order, now valued at ₹7,100 crore.
Price Action: Titagarh’s share price was up 7.34% to trade at ₹1,216.15 on Thursday afternoon.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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