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Shares of Titagarh Wagons surged 5 per cent to lock in at upper circuit of Rs 32.75 per share based on the news of it had entered into an exclusive cooperation agreement with ABB to address the propulsion equipment business for the Indian Railways.
According to the agreement, Titagarh and ABB will work together to design, develop and manufacture state of the art 3 phase IGBT based propulsion systems for EMU/MEMU which would be manufactured in Titagarh’s plant at Uttarpara, Kolkata with specific components being supplied by ABB.
The agreement goes into effect immediately with the first units to be put into revenue service in less than two years.
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