Titagarh Rail wins big metro deal, shares soar 4 percent
Titagarh Rail Systems Ltd climbed almost 4 percent during trading on Monday after securing a contract valued at 2,481 crore rupees from the Mumbai Metropolitan Region Development Authority. The agreement covers design, production and delivery of 132 metro coaches along with signaling infrastructure spanning 24.90 kilometers and telecommunications equipment for 16 stations. The railway manufacturer will handle maintenance duties for five years.
Shares opened at 895.65 rupees on the Bombay Stock Exchange and peaked near 919 rupees before settling around 900 rupees by midday. The stock has climbed 464 percent over three years and delivered returns of 2,151 percent across five years despite dropping 26.20 percent over the past 12 months.
Financial results for the June quarter showed net profit fell 54 percent to 30.86 crore rupees from 67.01 crore rupees in the corresponding period last year. Revenue from operations reached 679.30 crore rupees compared with 903.05 crore rupees during the first quarter of the previous fiscal year.
