Titagarh Rail Systems shares cross ₹1,000 for the first time, hit record high

The Titagarh Rail stock has gained 350% this year, so far. In 2022, it gained 140%. Its previous best was in 2014, when the stock surged 180% in the entire year.

This is the best annual return for the stock since its listing in 2009. It is also among the top performers on the BSE smallcap index this year.

The stock has gained for five out of the last seven trade sessions. In the past month, it has gained over 30%.

Last month, the company reported a 46.5% increase in its net profit at ₹70.6 crore in the second quarter. In the same period last year, it posted a net profit of ₹48.2 crore, the company said in a regulatory filing.

Umesh Chowdhary of Titagarh mentioned that the tie-up with ABB allows for transfer of technology. The company also plans on investing around 250 crore to 300 crore in the propulsion system. Chowdhary also said that the target is to scale up production from 700 wagons in a month to 1,000 wagons a month by the end of financial year 2024.

Its total revenue for the quarter stood at ₹935.5 crore, up 54.1% from last year's ₹607.1 crore.

In September, the company said it was planning to raise its production capacity to 1,000 wagons per month by the end of this fiscal.

Umesh Chowdhary, VC & MD of Titagarh Rail Systems, engaged in an extensive discussion with CNBC-TV18 regarding the collaboration between Titagarh and ABB India for the metro project.