 "Titagarh Wagons gains on bagging defence production license")
Titagarh Wagons has surged 7% to Rs 118 on the NSE in an otherwise weak market after the company announced that it has received an industrial license for manufacturing defence items.
“The company has received an industrial license under the Industries (Development and Regulation) Act, 1951 from Ministry of Commerce & Industry, Department Policy & Promotion, Government of India, New Delhi vide letter dated July 1, 2015 for the manufacture of various items for defence and plans to take all steps for the purpose expeditiously, subject to such other formalities / compliance as may be applicable in this respect,” Titagarh Wagons said in a statement.
The stock opened at Rs 115 and touched a high of Rs 119 on the NSE. Till 0942 hours, a combined 1.4 million shares changed hands on the counter on the NSE and BSE. The CNX Nifty was down 0.81% at 8,442 points.
“The company has received an industrial license under the Industries (Development and Regulation) Act, 1951 from Ministry of Commerce & Industry, Department Policy & Promotion, Government of India, New Delhi vide letter dated July 1, 2015 for the manufacture of various items for defence and plans to take all steps for the purpose expeditiously, subject to such other formalities / compliance as may be applicable in this respect,” Titagarh Wagons said in a statement.
The stock opened at Rs 115 and touched a high of Rs 119 on the NSE. Till 0942 hours, a combined 1.4 million shares changed hands on the counter on the NSE and BSE. The CNX Nifty was down 0.81% at 8,442 points.
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