Titagarh Rail shares gain over 7% after company bags order worth ₹1,909 crore from Railway Board

Last month, the company also told CNBC-TV18 that it expected its defence vertical to become the third pillar, which would drive its growth in the upcoming years. However, the company's current focus on was on the railways, comprising the passenger and freight rail businesses.

“We are keeping this (defence) as the reserve engine for growth. The two engines that we have -- the passenger rail side and the freight rail side are firing on full guns. The defence business will be the third engine of growth that will come post that,” Umesh Chowdhary, the company's Vice Chairman and MD, had said in an interview with CNBC-TV18.

Chowdhary said the company may even consider strategic partnerships to scale the defence business, if needed.

On February 17, Titagarh received a ₹170 crore order to supply 250 specialised wagons to the Ministry of Defence. Execution of the contract is scheduled to start 12 months after signing the contract and the order is to be completed in 36 months.

The stock gained over 7% to touch an intra-day high of 969.85 apiece on Monday, March 11.  The company's shares were trading 4.31% higher at ₹937.35 apiece at 9.40 am.