Titagarh Wagons chugs along fine

Titagarh Wagons is chugging along pretty fine on the bourses today morning. The stock price surged within minutes of the opening bell to Rs.119 levels, up almost 5% and continues to hover around the same levels. Its 52-week high and low stands at Rs.166.40 and Rs.84 respectively.

The market is enthused with the news that the company has been accredited with registration  and has also received an order from the Indian Navy.

The company, in its issued Press Release stated, “the company has been accredited with registration by the Ministry of Defence (Navy), Directorate of Ship Production for undertaking construction of "Non-Weapon Platforms upto 120 m length" and "All types of Yardcraft" vide communication dated December 07, 2016 issued by the said authority."

Prior to this, in Novermber’16, the company had got an order worth Rs.75 crore from the Indian Navy for building of two 1000T oil tankers, to be delivered within 21 months from signing of contract.

The group’s order book now stands at around Rs.3200 crore.

The company is scheduled to declare its Q2FY17 numbers on 14th Dec and there is a positive buzz around that too for now.