The small-cap stock of Titagarh Rail Systems saw a 6% surge after securing a ₹350 crore contract from Gujarat Metro Rail Corporation Ltd. The contract involves the design, manufacture, supply, testing, and commissioning of 30 standard gauge cars for the Ahmedabad Metro Rail Phase-II Project.
This project, costing ₹13,500 crore, will expand the metro network by 28.2 km. Titagarh Rail Systems recorded a net revenue of ₹935 crore in Q2 FY24, with a consolidated net profit increase to ₹70.59 crore. The company's stock has seen an impressive 80% return over six months. With robust financials, including a Return on Equity of 14.91% and reduced Debt to Equity, Titagarh Rail Systems is a key player in the rail systems sector.