Titagarh Rail Systems is right there among the top three gainers currently; from its close of Rs.936.05, it opened strong today at Rs.960 and rose like a rocket to hit a new 52-week high at Rs.1045. Volumes have more than doubled on the counter.
The stock hit a new high on the back of its partnership with ABB. The company stated that ABB and Titagarh Rail Systems have formed a strategic partnership to supply propulsion systems for metro rolling stock projects in India.
The partnership covers an agreement for Titagarh to purchase ABB propulsion systems including traction converters, auxiliary converters, traction motors and TCMS software. It also includes securing the manufacturing rights and production license for traction motors along with the complete transfer of technology of the GoA 4 (Driverless metro) TCMS software from ABB to Titagarh.