 "Indian Railways")
Shares of Texmaco Rail & Engineering zoomed 14 per cent to a new all-time high at Rs 149.40 in Monday's intra-day deals backed by heavy volumes on the BSE.
At 10:30 AM, the stock quoted 10.8 per cent higher at Rs 145, with trades of around 3.84 lakh shares as against the two-week average volume of around 3.45 lakh shares on the BSE. Meanwhile, the S&P BSE Sensex was up 0.1 per cent at 64,937.
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So far in August, the stock has soared nearly 37 per cent as against a 2.5 per cent drop in the BSE benchmark. For the financial year 2023-24, the stock has seen a solid rally of 252 per cent while the Sensex has gained 11 per cent.
Earlier this month, the company had entered into an agreement with Aditya Birla Group’s Hindalco Industries to develop and manufacture aluminium rail wagons and coaches.
Texmaco Rail and its subsidiaries are engaged in manufacturing, selling and providing service for rail and rail-related products. The company manufactures a diverse range of products.
Indian Railways has launched 'Mission 3000 MT' with a target of doubling freight capacity to 3,000 million tons by 2027 through augmentation of rolling stock, intending to achieve a 45 per cent market share in freight.
Last month Texmaco's board approved a proposal to raise funds up to Rs 500 crore via issue of shares to Qualified Institutional Placement (QIP).
For the quarter ended June 2023, the company reported a strong turnaround with net profit of Rs 14.57 crore as against a net loss of Rs 22.53 crore in the corresponding quarter a year ago. Total income more-than-doubled to Rs 656.82 crore from Rs 298.70 crore in the said comparable period.
