Titagarh Wagons, which had closed yesterday at Rs.31.20, opened today at Rs.31.90 and after its announcement at noon, it got locked at the 5% UC of the day at Rs.32.75.
The company announced that it has entered into an exclusive cooperation agreement with ABB, to address the large and growing business of propulsion equipment (traction converters) for the Indian railway EMU/MEMU market.
According to the agreement, Titagarh and ABB will work together to design, develop and manufacture state of the art 3 phase IGBT based propulsion systems for EMU/MEMU which would be manufactured in Titagarh’s plant at Uttarpara, Kolkata with certain components being supplied by ABB.
This agreement goes into effect immediately with the first units to be put into revenue service in less than 2 years.
Titagarh, in cooperation with its Italian subsidiary had bagged a developmental order for propulsion systems required in the EMU/MEMU trains (local and suburban trains of Indian Railways)for an approximate order value of 65 crore INR from the Indian Railways. The cooperation agreement signed with ABB will support the execution of the above orders and also give an edge to Titagarh to establish itself in the field of power electronics.