Texmaco Rail shares rise 6% as board to consider fundraising on September 15

Shares of Texmaco Rail & Engineering Ltd gained 6% intraday today after the railway firm said its board would consider raising of funds on September 15, 2023. The railway stock zoomed 5.93% to Rs 144.50 on BSE today. Total 6.71 lakh shares of the firm changed hands amounting to a turnover of Rs 9.02 crore. Market cap of the firm rose to Rs 4380 crore. Later, the stock ended flat at Rs 137.40 on BSE.

The stock hit a 52 week low of Rs 40.49 on March 29, 2023 and a 52 week high of Rs 163.85 on BSE. Texmaco Rail shares have a beta of 1.2, indicating very high volatility in a year.

“A meeting of Board of Directors of the Company is scheduled to be held on Friday, 15th September, 2023 at 1:00 p.m. (IST), inter-alia, to consider and approve the proposal of raising of funds by way of issuance equity shares or any other eligible securities through permissible modes, including but not limited to Preferential Issue, Private Placement, Qualified Institutions Placement or any equivalent capital raising mode or combination of methods as may be permitted under the applicable laws, subject to such regulatory/statutory approvals as may be required and the approval of shareholders of the Company,” the firm said in a communication to BSE.  

In terms of technicals, the relative strength index (RSI) of the stock stands at 52.4, signaling it's trading neither in the overbought nor in the oversold zone. Texmaco Rail shares are trading higher than the 50 day, 100 day 200 day but lower than the 5 day, 10 day and 20 day moving averages.      

In the last one year, the Texmaco Rail stock has surged 164.76%. 

Coming to the shareholding pattern, 23 promoters held 58.70 per cent stake in the firm and 1,18,051 public shareholders owned 41.30 per cent or 13.29 crore shares at the end of June 2023 quarter. Of these, 1.13 lakh resident individuals held 7.06 crore shares or 21.96% stake with capital up to Rs 2 lakh. Only 19 resident individuals with 2.56% stake held capital above Rs 2 lakh at the end of Q1.

About the company  

 

Texmaco Rail & Engineering manufactures a diverse range of products, such as railway freight cars, hydro-mechanical equipment and industrial structural’s, loco components and loco shells, steel girders for railway bridges, steel castings, and pressure vessels along with engineering, procurement, construction (EPC) contracts for execution of railway track, signaling and telecommunication projects, rail electrification and automatic fare collection on turnkey basis.

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