India's Titagarh Rail hits 18-month low; Morgan Stanley flags subdued orders

Titagarh Rail Systems

27/02/2025 08:01

** India's Titagarh Rail Systems TITG.NS, which makes railway wagons and other components, down 4.27% to 742.85 rupees

   ** Stock at lowest level since August 2023

** Morgan Stanley cuts PT to street-low of 1,090 rupees from 1,300 rupees, but maintains 'overweight' rating on India's healthy long term infra capex

   ** Brokerage says near term orders from Indian Railways subdued against the pickup anticipated post election

   ** Adds, passenger segment execution delayed 9 months due to change in the car design plan of Vande Bharat, India's semi-high speed express rail service

   ** Flags, co's passenger segment has won no orders since Oct 2023

   ** In freight segment, inadequate supply of wheel sets from Indian railways constrain Q3 wagon production - MS

   ** Stock rated 'buy' on avg by 7 analysts; median PT at 1217 rupees

 (Reporting by Ananta Agarwal in Bengaluru)

 ((Ananta.Agarwal@thomsonreuters.com))