India's Titagarh Rail up as Jefferies sees gains from vendor approval from Railways
BUZZ-India's Titagarh Rail up as Jefferies sees gains from vendor approval from Railways ** Titagarh Rail Systems' shares TITG.NS rise as much as 3.25% to a one-week high of 858.8 rupees apiece; last up 2%
** Jefferies says TITG's inclusion in Indian Railways' approved vendor category for supply of locomotive traction motors could add 4%-5% to co's annual revenue
** "While TITG is already producing traction motors for locomotives and EMUs, the recent qualification enables meaningful order inflow to the company," say analysts at Jefferies
** Brokerage has a "buy" rating on TITG at a target price of 990 rupees, implying an upside of 19%
** Jefferies says TITG is "moving up the value chain, brick by brick", highlighting gains from investing in technology-intensive components and strategic partnership with ABB India for propulsion systems
** TITG shares are down 4.9% YTD
(Reporting by Bharath Rajeswaran in Bengaluru)
((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))
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