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HomeMarket NewsHere's why Titagarh Rail, Texmaco, Jupter Wagons shares are trading up 10% higher today
In 2022, the Indian Railways' issued its first long-term wagon procurement tender for around 1 lakh wagons worth approximately ₹32,000 crore. The same were to be procured within three years. Deliveries are still ongoing for some of the wagons under this tender, Mint reported.
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Shares of Titagarh Rail Systems Ltd., Texmaco Rail and Engineering Ltd. and Jupiter Wagons Ltd. gained up nearly 10% on Monday, May 25, after a news report by Mint stated that the Indian Railways is set to roll out a tender worth approximately ₹40,000 crore.
The Mint reported, citing two sources, stated that the Indian Railways would soon roll out the tender to procure 1 lakh freight wagons over the next four years.
The report stated that the proposed tender is likely to be slightly larger than the previous large wagon procurement in 2022. It could have an annual procurement of around 35,000 to 40,000 wagons, it said. The first set of wagon contracts would likely be issued in the July to September quarter of the current fiscal, the report quoted the two sources.
In 2022, the Indian Railways' issued its first long-term wagon procurement tender for around 1 lakh wagons worth approximately ₹32,000 crore. The same were to be procured within three years. Deliveries are still ongoing for some of the wagons under this tender, Mint reported.
Shares of Titagarh Rail, Texmaco Rail and Jupiter Wagons gained 9.3%, 6.35% and 9.7% to hit intraday highs of ₹828, ₹115.1 and ₹303.9 apiece, respectively, on Monday. The stocks continued to trade higher in the 5.5% to 8.4% range.
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