Texmaco Rail share price: Railway stock jumps 9% after THIS order worth ₹535 crore

Texmaco Rail share price surged by nearly 9% during Thursday's trading session following the company's acquisition of a ₹535.6-crore contract from a firm located in central Africa for the supply and maintenance of over 1,600 freight wagons intended for bauxite transport. As per the agreement with CAMALCO SA from Cameroon, Texmaco will be responsible for the design, construction, and comprehensive maintenance of more than 1,600 open-top freight wagons, as indicated in a statement.

According to Texmaco's Vice-Chairman Indrajit Mookerjee, the agreement aligns with India's 'Make for World' initiative, while Managing Director Sudipta Mukherjee emphasized that it showcases the manufacturing capabilities of the nation.

Rana Pratap Singh, CEO of CAMALCO, mentioned that this collaboration contributes to the development of infrastructure in Cameroon.

Company representatives stated that the contract enhances Texmaco's order backlog to ₹7,820 crore, solidifying its presence in both African and global markets.

On June 10, the Mumbai Railway Vikas Corporation granted a contract worth ₹44.04 crore to the company for the supply, construction, installation, testing, and commissioning of traction transformers, SPs, and related works for the 3rd and 4th lines of the Central Railway.

On June 3, the Mumbai Railway Vikas Corporation awarded a contract totaling ₹122.31 crore to the company for the design, supply, construction, installation, testing, and commissioning of traction transformers and related work for the Western Railway, which is to be completed within 30 months.

Texmaco Rail share price today

Texmaco Rail share price today opened at ₹185.05 apiece on the BSE, the stock touched an intraday high of ₹189 apiece, and an intraday low of ₹181.55 per share.

According to Rajesh Bhosale, Equity Technical and Derivative Analyst at Angel One, Texmaco Rail share price opened with a strong gap-up, decisively surpassing its recent swing high. While some profit booking emerged from the intraday highs, the price still holds firm gains of over 5%. The bullish gap near the 200-day moving average around ₹175 now acts as immediate support. On the upside, the rally could extend towards the ₹200 mark. Additionally, the RSI remains in the positive territory, reinforcing the bullish momentum and supporting the possibility of further upside.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.