Multibagger Titagarh Rail Systems shares surge 7% today; can they revisit one-year high level?
Titagarh Rail share price: The multibagger stock has zoomed around 199 per cent in 2023 so far and 355 per cent in the past one year. Turnover on the counter stood at Rs 13.97 crore, commanding a market capitalisation (m-cap) of Rs 8,605.03 crore.
- Aug 21, 2023,
- Updated Aug 21, 2023 2:54 PM IST
Shares of Titagarh Rail Systems jumped 6.89 per cent to hit a day high price of Rs 680. At this price, the stock just 2.70 per cent away from its 52-week high of Rs 698.90, a level seen on July 27, 2023. The multibagger stock has zoomed around 199 per cent in 2023 so far and 355 per cent in the past one year. Turnover on the counter stood at Rs 13.97 crore, commanding a market capitalisation (m-cap) of Rs 8,605.03 crore.
Market expert Ravi Singh said most of the railway stocks are on the rise after the Union Cabinet approved expansion projects worth around Rs 32,000 crore. Titagarh, which manufactures of railway coaches, will also be benefitted with this package, Singh added.
On the technical setup, analysts largely remained 'bullish' on the counter. Support level could be seen around Rs 610.
"The stock is showing strength on daily and weekly charts. Momentum indicators are suggesting a strong move ahead for a near-term target of Rs 720," Singh mentioned.
"The counter has been under consolidation in the Rs 640-670 range for quite some time. Currently, it has indicated a positive bullish candle to move past the Rs 670 zone, improving the bias to anticipate a further rise in the coming days. Support would be strong near Rs 640 zone. On the upside, near-term target of Rs 715-720 is expected," said Vaishali Parekh, Vice-President - Technical Research at Prabhudas Lilladher.
"Titagarh Rail Systems is bullish on the daily charts with next resistance at Rs 699. A daily close above this resistance could lead to target of Rs 765 in the near term. Support will be at Rs 610," said AR Ramachandran from Tips2trades said.
As of June 2023 quarter (Q1 FY24), promoters held 44.97 per cent stake in the firm and public shareholders owned 55.03 per cent of the company.
The stock today was last seen trading higher than the 5-day, 10-, 20-, 30-, 50-, 100-, 150-, and 200-day simple moving averages (SMAs). The counter's 14-day relative strength index (RSI) came at 65.72. A level below 30 is defined as oversold while a value above 70 is considered overbought. The company's stock has a price-to-equity (P/E) ratio of 54.69 against a price-to-book (P/B) value of 9.27.
The scrip has an average target price of Rs 785, Trendlyne data showed, suggesting a potential upside of 16 per cent. It has a one-year beta of 0.90, indicating low volatility on the counter.
Kolkata-headquartered Titagarh Rail, formerly known as Titagarh Wagons, is engaged in the manufacturing and selling of freight wagons, passenger coaches, metro trains, train electricals, steel castings, specialised equipment and bridges, and ships.
Meanwhile, Indian equity benchmarks were up today, led by gains in technology, financial metal, pharma and consumer stocks.
Also read: Titan shares: Caratlane stake purchase EPS dilutive in near term. Stock price targets & more
Shares of Titagarh Rail Systems jumped 6.89 per cent to hit a day high price of Rs 680. At this price, the stock just 2.70 per cent away from its 52-week high of Rs 698.90, a level seen on July 27, 2023. The multibagger stock has zoomed around 199 per cent in 2023 so far and 355 per cent in the past one year. Turnover on the counter stood at Rs 13.97 crore, commanding a market capitalisation (m-cap) of Rs 8,605.03 crore.
Market expert Ravi Singh said most of the railway stocks are on the rise after the Union Cabinet approved expansion projects worth around Rs 32,000 crore. Titagarh, which manufactures of railway coaches, will also be benefitted with this package, Singh added.
On the technical setup, analysts largely remained 'bullish' on the counter. Support level could be seen around Rs 610.
"The stock is showing strength on daily and weekly charts. Momentum indicators are suggesting a strong move ahead for a near-term target of Rs 720," Singh mentioned.
"The counter has been under consolidation in the Rs 640-670 range for quite some time. Currently, it has indicated a positive bullish candle to move past the Rs 670 zone, improving the bias to anticipate a further rise in the coming days. Support would be strong near Rs 640 zone. On the upside, near-term target of Rs 715-720 is expected," said Vaishali Parekh, Vice-President - Technical Research at Prabhudas Lilladher.
"Titagarh Rail Systems is bullish on the daily charts with next resistance at Rs 699. A daily close above this resistance could lead to target of Rs 765 in the near term. Support will be at Rs 610," said AR Ramachandran from Tips2trades said.
As of June 2023 quarter (Q1 FY24), promoters held 44.97 per cent stake in the firm and public shareholders owned 55.03 per cent of the company.
The stock today was last seen trading higher than the 5-day, 10-, 20-, 30-, 50-, 100-, 150-, and 200-day simple moving averages (SMAs). The counter's 14-day relative strength index (RSI) came at 65.72. A level below 30 is defined as oversold while a value above 70 is considered overbought. The company's stock has a price-to-equity (P/E) ratio of 54.69 against a price-to-book (P/B) value of 9.27.
The scrip has an average target price of Rs 785, Trendlyne data showed, suggesting a potential upside of 16 per cent. It has a one-year beta of 0.90, indicating low volatility on the counter.
Kolkata-headquartered Titagarh Rail, formerly known as Titagarh Wagons, is engaged in the manufacturing and selling of freight wagons, passenger coaches, metro trains, train electricals, steel castings, specialised equipment and bridges, and ships.
Meanwhile, Indian equity benchmarks were up today, led by gains in technology, financial metal, pharma and consumer stocks.
Also read: Titan shares: Caratlane stake purchase EPS dilutive in near term. Stock price targets & more