Texmaco Rail surges 10% on order win worth Rs 1,374 cr from Railway Board
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Shares of Texmaco Rail & Engineering hit a new high of Rs 188.95 as they rallied 10 per cent on the BSE in Friday's intraday trade after the company said it has received an order to manufacture and supply 3,400 BOXNS wagons for Rs 1,374 crore.
At 09:30 AM, the stock was quoting 6 per cent higher at Rs 181.35 as compared to 0.3 per cent gain in the S&P BSE Sensex. The average trading volumes on the counter have, so far, jumped 1.5 times with a combined 9.6 million equity shares of the company having changed hands on the NSE and BSE.
Texmaco Rail announced on Thursday that the Ministry of Railways (Railway Board) has awarded an order to the company for manufacture and supply of 3,400 BOXNS wagons valuing Rs 1374.41 crore approx.
Meanwhile, last month, Texmaco Rail had raised Rs 750 crore through qualified institutional placement (QIP). The company issued 58.09 million shares at price of Rs 129.11 per share. Foreign portfolio investors (FPIs) like Society Generale – ODI (8.44 million), Abu Dhabi Investment Authority – Monsoon (5.9 million) and BOFA Securities Europe SA – ODI (3.87 million) were allotted more than 5 per cent of the equity shares offered in the QIP.
That apart, Texmaco Rail has entered into a strategic tie-up with Hindalco, the world's largest aluminium rolling and recycling company, for the manufacturing of aluminium rail wagons and coaches and the requisite components for this ecosystem.
The aluminium wagons are best suited for high-speed trains, a focal point for the Indian Railways driven by the 'Mission 3,000 MT' dream to double the freight capacity to 3,000 million tonnes by 2027, the company had said in its FY23 annual report.
"After ending the financial year 2022-23 (FY23) with a topline of Rs 2,600.25 crore, the company is now planning to ramp up its production capacity by 25 to 30 per cent. With the government deciding to manufacture the Vande Bharat trains in India, the management is expecting substantial growth in the company’s overall business by the end of 2023-24," it said.
Texmaco Rail and Engineering and its subsidiaries are engaged in the manufacturing, selling and providing service for Rail and Rail related products. The company manufactures a diverse range of products.
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