Should you book profit in Titagarh Rail Systems? Here's what experts suggest
Titagarh Rail Systems, formerly known as Titagarh Wagons Limited's stock rose over 4 per cent and touched an all-time high of Rs 529.20 in the morning deals.
Shares of Titagarh Rail Systems rose over 4 per cent and touched an all-time high of Rs 529.20 in the morning deals on Wednesday, June 28 on BSE. The investor's showing of buying interest in the stock came after the company received an order worth Rs 857 crore from Gujarat Metro Rail Corporation (GMRC) Limited.
"The Company has received a Letter of Acceptance (LOA) dated June 27, 2023, from the Gujarat Metro Rail Corporation (GMRC) Limited w.r.t. "Design, Manufacture, Supply, Testing, Commissioning, and Training of 72 nos. of Standard Gauge Cars for Surat Metro Rail Phase-I Project I. "The order value is about Rs 857 crore, and execution would start 76 weeks after signing the contract and is scheduled to be completed in 132 weeks thereafter," the regulatory filing read.
At around 9:45 AM, the stock traded at 515.10 apiece, up 1.89 per cent on the BSE. The stock has gained over 9 per cent in three trading sessions. Titagarh Rail Systems shares were listed on the NSE and BSE on April 21, 2008.
Analysts’ view
"In Tuesday’s session, the stock made a flag pattern breakout. Short-term traders should keep a stop loss of Rs 490 apiece and a target of Rs 520 or Rs 525. Traders can buy on dips at Rs 450 to Rs 440 a share," said Himanshu Gupta, Vice President of Research, at Globe Capital Markets Ltd.
According to Zee Business Panellist Ambareesh Baliga, not just Titagarh Rail Systems but stocks across the railway sector have performed well on the back of receiving orders. He raised concerns about the execution of the plan and advised to book profits and buy at dips.
Titagarh Rail Systems share price history
So far in 2023, the stock has rallied over 126 per cent outperforming the headline index, which rose over 3 per cent. In a year, the scrip has gained a whopping of over 404 per cent a sharp rise against Nifty50’s rise of over 19 per cent.
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