India's Titagarh Wagons up over 2% on strong demand view by ICICI Securities

Titagarh Rail Systems

18/04/2023 09:48

** Shares of the railway wagon manufacturer Titagarh Wagons
 TITW.NS  rose as much as 2.60% on Tuesday; on track for second
straight session of gains
     ** Domestic brokerage ICICI Securities says TITW
benefitting from favourable demand environment aided by
increased budgetary allocation for railways
    ** Co plans to expand annual wagon and coach manufacturing
capacities, analysts at ICICI Securities say after visiting co's
manufacturing facilities
    ** Co has planned total capex of 5 billion rupees ($60.95
million) across the business
    ** Co, in consortium with Ramkrishna Forgings, recently
bagged order to supply 1.54 mln forged wheels to railways at 112
bln rupees over a period of 20 years
    ** Recent uptick in share prices aided by robust order
inflows - ICICI Securities
    ** TTIW has risen 29.2% YTD as of last close after a near
150% surge in 2022
    

($1 = 82.0350 Indian rupees)

 (Reporting by Nishit Navin in Bengaluru)
 ((Nishit.Navin@thomsonreuters.com ;))