India's Titagarh Rail Systems hits record high on bets of sustained growth

Titagarh Rail Systems

19/06/2023 06:52

** Shares of Titagarh Rail Systems  TITG.NS  rise as much as
5.86% to a record high of 450 rupees
    ** Antique Stock Broking says TITG's transformation to
complete railway transportation company from a wagon
manufacturer to lead to 53% earnings growth over FY2023-FY2026
    ** Initiates coverage with a "buy" rating and target price
of 694 rupees, implying 63% upside to Friday's close of 425
rupees
    ** Cites attractive valuations; points to potential for
sustained growth
    ** The relative strength index has been above 70 since June
6, suggesting the stock is in overbought zone
    ** Stock up over 90% in 2023 vs 4% rise in Nifty 50  .NSEI 
index
    

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