India's Texmaco Rail gains as management sees sharp uptick in exports

Texmaco Rail & Engineering

28/08/2024 08:19

** Shares of Texmaco Rail  TEXA.NS  rise about 3.7% to
254.65 rupees apiece
    ** Rise after the rail wagon maker says it expects
three-to-five-fold growth in export of components and railway
casting over the next two to three years
    ** TEXA management says the capital allocation of 2.52
trillion rupees ($30 billion) to Ministry of Railways, as well
as strong government infrastructure spending to aid growth in
the sector
    ** Also adds the acquisition of Jindal Rail & Infrastructure
in July to enhance TEXA's capabilities and market share
    ** TEXA shares up 45.2% in 2024 so far


($1 = 83.9575 Indian rupees)

 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))