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Jupiter Wagons shares hit 10% upper circuit limit on order win from railway ministry

Jupiter Wagons shares hit 10% upper circuit limit on order win from railway ministry

Shares of Jupiter Wagons Ltd surged 10 per cent, hitting its upper circuit limit at Rs 398 on NSE, with a total market capitalization of more than 16,000 crore.

Pawan Kumar Nahar
Pawan Kumar Nahar
  • Updated Mar 7, 2024 10:45 AM IST
Jupiter Wagons shares hit 10% upper circuit limit on order win from railway ministry Jupiter Wagons reported a 82 per cent rise in the consolidated net profit on year-on-year (YoY) basis at Rs 81.46 crore in the December 2023 quarter.

Shares of Jupiter Wagons Ltd (JWL) hit their upper circuit of 10 per cent during the trading session on Thursday after the company bagged an order from the Ministry of Railway. The company informed about the same through an exchange filing after-market hour on Wednesday. "We are pleased to inform you that the Ministry of Railways (Railway Board) has placed an offer to the company for manufacture and supply of 2,237 BOSM Wagons for a contract value of Rs 956.87 crore," said the filing. The company said that the order was made on Wednesday, March 6 itself. Following the announcement, shares of Jupiter Wagons Ltd surged 10 per cent, hitting its upper circuit limit at Rs 398 on NSE, with a total market capitalization of more than 16,000 crore. The scrip settled at Rs 362.05 in previous trading session on Wednesday on NSE. Jupiter Wagons reported a 82 per cent rise in the consolidated net profit on year-on-year (YoY) basis at Rs 81.46 crore in the December 2023 quarter.  The revenue from operation grew and came in at Rs 895 crore during the October-December 2023 period. The wagon maker's Ebitda margin expanded by 140 basis points. Kolkata-based Jupiter Wagons manufactures all types of railway wagons and accessories. The company also manufactures containers, commercial vehicle load bodies and commercial electric vehicles. As of December 31, 2023, the company's order book stood at over Rs 7,000 crore. With the brownfield expansion at Kolkata foundry capacity from 2500mt to 3000mt and greenfield expansion at Jabalpur plant with 2000mt of Foundry unit, the company plans to bring its wagon manufacturing capacity to 800/month by FY24 end and 1000wagons/month in the next 18 months, said Systematix Institutional Equities. "We raise our FY24E Ebitda by 6 per cent on better wagons execution while keeping FY25E Ebitda largely unchanged. We also introduce FY26E financials and forecast robust Ebitda and PAT CAGR of 53 per cent and 75.4 per cent, respectively, during FY23-FY26E," it added, maintaining a buy rating on the stock with a target price of Rs 474.

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Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.

 

Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
Published on: Mar 7, 2024 10:45 AM IST
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