India's Titagarh Rail hits record high; HSBC sees scope for doubling earnings

Titagarh Rail Systems

19/07/2023 06:11

** Shares of Titagarh Rail Systems  TITG.NS  rise as much as
9.80% to a record high of 593.55 rupees
    ** Global brokerage HSBC initiates coverage with "buy,"
citing scope for doubling earnings over next three years
    ** India's plan to put more freight on its rails provides a
compelling opportunity for TITG: HSBC
    ** Target price fixed at 730 rupees, an implied upside of
34.4% to last close
    ** HSBC forecasts a 2.5x jump in profit over fiscal
2023-2026
    ** The relative strength index has been above 70 since July
12, suggesting that the stock has been overbought
    ** All six analysts rate stock 'buy' or higher; median PT is
495.00 rupees - Refinitiv data
    ** Stock up 152% in 2023 so far, outpacing 9% rise in Nifty
50  .NSEI 
    

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