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Shares of Titagarh Rail Systems reached a new pinnacle, surging 12 percent to Rs. 1,045 on the BSE during Tuesdays intraday trade, fueled by heavy volumes. The boost came on the heels of the companys strategic partnership with ABB to supply propulsion systems for metro rolling stock projects in India.
Over the past three trading days, the railway wagons companys stock has witnessed an impressive 25 percent rally. In the current calendar year of 2023, the stock has soared nearly 370 percent, outpacing the 7.7 percent rise in the S&P BSE Sensex.
According to an exchange filing, Titagarh Rail revealed that the partnership, in line with the Indian governments "Make in India" and "Atmanirbhar Bharat" (self-reliant India) initiatives, has already secured orders to design and supply equipment for metro coaches in Gujarat.
The partnership entails Titagarh purchasing ABB propulsion systems, encompassing traction converters, auxiliary converters, traction motors, and TCMS software. Additionally, it includes obtaining manufacturing rights and production licenses for traction motors, along with the complete transfer of technology for the GoA 4 (Driverless metro) TCMS software from ABB to Titagarh.
Specializing in the design, manufacture, supply, commissioning, and servicing of passenger rolling stock and metro coaches for both Indian and international markets, Titagarh Rail joins forces with ABB, a global leader in designing, manufacturing, and servicing propulsion systems and electrical equipment for railways and metro systems.
The strategic partnership positions the two companies to leverage their potential and synergy, establishing a strong presence in the Indian market and extending their reach to other projects and countries, as per the company statement.
Separately, Titagarh Rail has clinched the largest-ever order for wagons from Indian Railways, in addition to orders for manufacturing and supplying Metro Trains for Pune, Bangalore, Ahmedabad, and Surat Metro projects.
As of September 30, 2023, Titagarh Rail boasted an order book position of Rs. 28,212 crore, with Rs. 14,342 crore in orders from the freight rolling stocks segment and Rs. 13,870 crore in orders from the passenger rolling stocks segment. |
