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31-Oct2017

Titagarh Wagons surges on entering into MoU with MERMEC for setting up JVC

Titagarh Wagons is currently trading at Rs. 141.35, up by 1.60 points or 1.14% from its previous closing of Rs. 139.75 on the BSE.

The scrip opened at Rs. 140.40 and has touched a high and low of Rs. 142.40 and Rs. 137.70 respectively. So far 274545 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 144.90 on 30-Oct-2017 and a 52 week low of Rs. 94.50 on 09-Nov-2016.

Last one week high and low of the scrip stood at Rs. 144.90 and Rs. 124.00 respectively. The current market cap of the company is Rs. 1604.78 crore.

The promoters holding in the company stood at 45.77%, while institutions and non-institutions held 17.71% and 36.52% respectively.

Titagarh Wagons has entered into a Memorandum of Understanding (MoU) with MERMEC S.p.A., Italy (MERMEC) for setting up a Joint Venture Company (JVC) for development, manufacture of cost effective diagnostic solutions for signaling and safety systems for Indian Railways. The JVC will be incorporated in India with equal stake i.e. 50% each of the company and MERMEC.

The technology for the products will be provided by MERMEC, a leading player in railway diagnostics. The MoU will see MERMEC and Titagarh jointly invest in R&D and manufacturing to develop cost effective solutions for signaling and safety of Indian Railways.

Titagarh Wagons is engaged in the business of manufacturing Railway Wagons, EMU (Rail Coaches), Bailey Bridges, Heavy Earth, Moving and Mining Equipment, Steel and SG iron castings of moderate to complex configuration etc.


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