Texmaco Rail picks speed

Texmaco Rail Engineering is buzzing pretty loud today with volumes jumping up over 9x. The stock price, which had closed yesterday at Rs.17345, opened higher today at Rs.185.05 and hit an intraday high at Rs.189. Its 52-week high is at Rs.296.60.

The stock price rose on the back of news of receipt of a new order. The company announced that it has received an order worth Rs 535 crore from CAMALCO SA., Cameroon.

This order is for manufacturing and supply of 560 open Top wagons to be completed in 2 phases within 24 months at Rs.282 crore and long term maintenance contract for 20 years at Rs.253 crore.

This initial order includes provision for additional order relating to supply of 1040 Wagons in next 5 years and long term maintenance thereof.

June has been a great month for the company as it received two more orders – one Rs.44 crore order and another Rs.122 crore order, both from Mumbai Railway Vikas Corporation.