Titagarh Wagons gains after board OKs stock split

Titagarh Wagons rose 2.94% to Rs 726.75 at 10:44 IST on BSE after the company said its board approved 5-for-1 stock split.

The announcement was made after market hours yesterday, 4 March 2015.

Meanwhile, the BSE Sensex was up 21.03 points, or 0.07%, to 29,401.76.

On BSE, so far 1.78 lakh shares were traded in the counter, compared with an average volume of 2.52 lakh shares in the past one quarter.

The stock hit a high of Rs 746.50 so far during the day, which is also a 52-week high for the counter. The stock hit a low of Rs 718 so far during the day. The stock hit a 52-week low of Rs 97.25 on 6 March 2014.

The stock had outperformed the market over the past one month till 4 March 2015, rising 64.88% compared with 1.72% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 105.80% as against Sensex's 2.86% rise.

The small-cap company has an equity capital of Rs 20.06 crore. Face value per share is Rs 10.

The company said its board also approved raising upto Rs 250 crore by issuing equity or equity related instruments.

Titagarh Wagons will seek approval of shareholders in the above matters by way of postal ballot.

Titagarh Wagons reported a net profit of Rs 9.17 crore in Q3 December 2014 compared with net loss of Rs 3.74 crore in Q3 December 2013. Net sales rose 230.1% to Rs 102.62 crore in Q3 December 2014 over Q3 December 2013.

Titagarh Wagons is one of the leading private sector manufacturers of wagons and coaches in India.

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