Titagarh Wagons jumps after divesting entire stake in unit

Titagarh Wagons jumped 6.40% to Rs 127.10 at 13:58 IST on BSE after the company said it divested its entire holding in Barrackpore Enterprises on 31 December 2013.

The company made the announcement during trading hours today, 8 January 2014.

Meanwhile, the BSE Sensex was up 44.27 points, or 0.21%, to 20,737.51.

On BSE, so far 2.52 lakh shares were traded in the counter, compared with an average volume of 30,826 shares in the past one quarter.

The stock hit a high of Rs 131.90 and a low of Rs 120 so far during the day. The stock hit a 52-week high of Rs 384 on 9 January 2013. The stock hit a record low of Rs 69.85 on 5 August 2013.

The stock had outperformed the market over the past one month till 7 January 2014, rising 17.51% compared with the Sensex's 1.44% fall. The scrip had also outperformed the market in past one quarter, gaining 7.66% as against Sensex's 4.01% rise.

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

Titagarh Wagons said it divested its entire holding in Barrackpore Enterprises (BEPL) (formerly Titagarh FreightCar) on 31 December 2013. Accordingly, BEPL is no longer a wholly-owned subsidiary of the company, Titagarh Wagons said in a statement.

Net profit of Titagarh Wagons declined 67.40% to Rs 1.77 crore on 45.30% decline in net sales to Rs 62.38 crore in Q2 September 2013 over Q2 September 2012.

Titagarh Wagons is one of the leading private sector wagon manufacturers in India. The company is engaged in the business of manufacturing railway wagons, EMU (rail coaches), bailey bridges, heavy earth moving and mining equipment, steel and SG iron castings of moderate to complex configuration etc.

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