Titagarh Rail shares in news as firm begins export of traction converters to Italy

Shares of Titagarh Rail Systems are in news today after the firm said it has started the export of traction converters. The first batch of 8 converters was shipped to Titagarh Firema SpA (Titagarh Firema), Italy, on July 19. This export is part of a 7.18 million euros (Rs 65 crore) order received by Titagarh Rail from Titagarh Firema.

The railway stock ended 2.15% lower at Rs 1587.85 on Tuesday. Market cap of the firm stood at Rs 21,384 crore. Total 0.80 lakh shares of the firm changed hands amounting to a turnover of Rs 12.53 crore. Titagarh Rail stock has clocked multibagger returns of 158% in a year and zoomed 1107% in two years. 

The stock fell to a 52-week low of Rs 611.95 on August 14, 2023 and rose to a record high of Rs 1896.50 on June 27, 2024. It has a one-year beta of 0.7, indicating very low volatility during the period.    

In terms of technicals, the relative strength index (RSI) of the stock stands at 45.9, signaling it's trading neither in overbought nor in the oversold zone. Titagarh Rail Systems shares are trading lower than the 5 day, 10 day, 20 day, 30 day but higher than the 50 day, 100 day, 150 day and 200 day moving averages. 
    
Titagarh Firema received an order from Regione Lazio, Italy, for the design, manufacture and supply of 38 trainsets for a total value of approximately EUR 276 Million, with a design speed of 100 kmph. 

Prithish Chowdhary, Dy. Managing Director, Titagarh Rail said, “This milestone demonstrates Titagarh’s commitment to quality and innovation in the railway manufacturing industry and is a major accomplishment for the Company. It underscores our unwavering commitment to making India a global manufacturing hub for railway systems, contributing to the vision of a Viksit Bharat (Developed India).”

Meanwhile, the firm said a meeting of the Board of Directors of the Company is scheduled to be held on Tuesday, 30th day of July, 2024, to consider inter alia and approve Unaudited Financial Results (Standalone & Consolidated) for the 1st quarter ended 30th June, 2024

About the Company        

Titagarh Rail Systems is engaged in the manufacturing and selling of freight wagons, passenger coaches, metro trains, train electricals, steel castings, specialised equipment and bridges, and ships. The company operates through three segments: freight rolling stock, passenger rolling stock, and shipbuilding, bridges & defence.