Titagarh Wagons shares gain on winning industrial licence

Titagarh Wagons shares jumped over 6 per cent in early trade on Wednesday, a day after the company said it has received an industrial licence to manufacture various items for defence.

The licence was awarded under the Industries (Development and Regulation) Act, 1951.

Cheering the news, shares of Titagarh Wagons were trading 6.30 per cent higher at Rs 117.25 in morning trade after the scrip opened at Rs 114.95. The shares have touched a high and low of Rs 119.30 and 114.95, respectively, in trade so far.

Around 4.25 lakh shares have changed hands on the Bombay Stock Exchange so far, against a two-week average volume of 1.73 lakh shares.

Titagarh Wagons is in the business of manufacturing railway wagons, EMU (rail coaches), bailey bridges, heavy earth, moving and mining equipment, steel and SG iron castings of moderate to complex configuration.

For the year ended March 2015, the company reported narrowing of consolidated net loss to Rs 3.31 crore against a loss of Rs 8.93 crore in FY14.

Meanwhile, BSE Sensex was trading 0.77 per cent lower at 27,953 at the same time.

The scrip closed at Rs 113.60.