Texmaco Rail surges after consortium wins Rs 1,800cr contract

The contract worth Rs 1,800 crore is for signalling and telecom equipment

Shares of Texmaco Rail & Engineering Ltd were up over 6% at Rs 147 on the Bombay Stock Exchange after a four-company consortium won a contract for design and construction of signal and telecom works from Dedicated Freight Corridor Corporation of India Ltd.

The consortium includes Hitachi Ltd, Mitsui & Co Ltd and Hitachi India Pvt. Ltd and the contract is for a part of the dedicated freight corridor traversing India's biggest industrial cluster between Delhi and Mumbai, Texmaco Rail said in a release.

The contract worth Rs 1,800 crore will cover the 915km distance between Rewari in State of Haryana and Vadodara in the Sate of Gujarat. This is the biggest order ever placed in India for Japanese signalling equipment, the release added.

The stock opened at Rs 148 and touched a high of Rs 150. At 11:55am, over 1.5 million shares were traded on both the stock exchanges.