Titagarh Wagons gains after receiving defence production license

Titagarh Wagons rose 3.35% to Rs 114 at 12:55 IST on BSE after receiving an industrial license from Ministry of Commerce & Industry, Department Policy & Promotion, Government of India for the manufacture of various items for defence.

The announcement was made after trading hours yesterday, 7 July 2015.

Meanwhile, the S&P BSE Sensex was down 497.09 points or 1.76% at 27,674.60.

On BSE, so far 6.18 lakh shares were traded in the counter as against average daily volume of 1.78 lakh shares in the past one quarter.

The mid-cap stock hit a high of Rs 119.30 and a low of Rs 112.70 so far during the day. The stock hit a 52-week high of Rs 174.60 on 10 March 2015. The stock hit a 52-week low of Rs 38.32 on 26 September 2014.

Titagarh Wagons announced that it 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 1 July 2015 for the manufacture of various items for defence. The company plans to take all steps for the purpose expeditiously subject to such other formalities/compliances as may be applicable in this respect.

Titagarh Wagons' net profit rose 398.9% to Rs 8.78 crore on 53.4% rise in total income to Rs 123.15 crore in Q4 March 2015 over Q4 March 2014.

Titagarh Wagons is one of the leading private sector wagon manufactures in India. Titagarh Wagons is primarily engaged in the business of manufacturing railway wagons & EMUs (coaches), Bailey bridges, heavy earth moving and mining equipment, steel and SG iron castings of moderate to complex configuration etc.

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