Titagarh Rail Systems stock jumped 5.97 per cent on the NSE, trading at ₹1,014.95 as of 10.04 am on Monday. The stock had earlier hit a 52-week high on January 20, 2024, at ₹1,248.90.
The company had recently bagged a contract from the Defence Ministry.
The ₹170-crore contract pertains to the procurement of 250 specialised wagons and is scheduled to be completed in 36 months, a stock exchange filing revealed.
In January 2024, the company had entered an alliance with Amber group for the railway component and subsystem business by way of a joint venture company/ SPV.
Under the partnership, Titagarh Rail Systems Ltd of Kolkata and Amber group (through its wholly-owned subsidiary Sidwal Refrigeration Industries Pvt Ltd.), will invest up to ₹120 crore each to acquire equal control in the SPV for setting up the new railway component business, as well as fresh equity investment in Firema, Italy. The SPV will set up a new facility in India.