Shares of Titagarh Rail Systems made a significant leap, rising by 9% to reach Rs 866 per share on the Bombay Stock Exchange (BSE) on October 20. This surge was triggered by the company’s recent collaboration with Gujarat Metro Rail Corporation (GMRC) for the Ahmedabad Metro Rail Phase-II Project valued at Rs 350 crore.
Titagarh Rail Systems, in an official filing, revealed the details of the contract signed with GMRC. The agreement encompasses the design, manufacture, supply, testing, commissioning, and training of 30 standard gauge cars for the Ahmedabad Metro Rail Phase-II Project. The company committed to delivering a prototype within 70 weeks from the Letter of Acceptance (LOA) dated August 29, 2023. The full delivery completion is set for 94 weeks from the same LOA. Notably, these cutting-edge metro cars will be manufactured at Titagarh Rail Systems’ advanced facility in Uttarpara, located in the Hooghly district of West Bengal.
At 12:57 the shares of the company were trading 4.98% at Rs 834.80
The Ahmedabad Metro Rail Phase-II Project, a significant initiative by GMRC, comes with a substantial budget of Rs 13,500 crore. This project aims to expand the city’s existing Metro network by adding 28.2 km of Metro lines, enhancing public transportation infrastructure in Ahmedabad.
