Shares of Jupiter Wagons opened the trading day on a high note, recording a 4% jump on March 21.
The spike followed the finalization of the acquisition of Bonatrans India Private Limited for a whopping Rs 271 crore. Jupiter Wagons made BIPL its subsidiary after acquiring the latter through purchasing shares from existing stakeholders.
Based in Chhatrapati Sambhajinagar , Maharashtra, BIPL is a well-established player in the manufacturing of Rolling Stock Wheelsets.
With an annual production capability of 20,000 Wheels and 10,000 Axles, the company’s inventories effectively promise to make Jupiter Wagons more self-dependent and efficient by ultimately reducing reliance on imported wheels.
On March 5, Jupiter Wagons bagged a multimillion a Rs 957 crore contract from the Ministry of Railways . The contract involves the manufacture and supply of BOSM Wagons, which also seems to cement the company’s development prospects in the Indian railway sector.
As of 10:18 AM, Jupiter Wagons shares were trading 3.55% higher at ₹345.30 on the NSE indicating a positive market reception of the strategic purchases.
