Titagarh Rail shares hit Rs 1,000 mark as firm launches QIP to raise Rs 700 crore

Shares of multibagger Titagarh Rail Systems Ltd crossed the Rs 1,000 mark in early trade today after the railway firm launched a QIP issue to raise up to Rs 700 crore. The floor price of the share sale is Rs 976 and indicative issue price is Rs 933. The floor price of the QIP is almost at par with the December 7 closing price (Rs 983 apiece). 

Titagarh plans to utilise the QIP proceeds to repay some outstanding debt, fund some working capital requirements and for general corporate purposes.  

Titagarh Rail stock gained 1.6% intraday to Rs 999.95 in early trade. Market cap of the firm rose to Rs 12,628 crore. Total 0.24 lakh shares of the firm changed hands amounting to a turnover of Rs 2.37 crore.  Titagarh Rail stock has clocked multibagger returns of 381% in a year and zoomed 336.60 % this year. The stock has clocked positive returns in all time periods up to 10 years. It hit a 52-week low of Rs 182 on December 26, 2022 and a 52 week high of Rs 1045 on November 21, 2023.      

It has a one-year beta of 0.6, indicating very low volatility during the period.    

In terms of technicals, the relative strength index (RSI) of the stock stands at 63.9, signaling it's trading in the neither in the overbought nor in the oversold zone. Titagarh Rail Systems shares are trading higher than the 5 day, 10 day, 20 day, 30 day, 50 day, 100 day, 150 day and 200 day moving averages.        

About the Company            

Titagarh Rail Systems is engaged in the manufacturing and selling of freight wagons, passenger coaches, metro trains, train electricals, steel castings, specialised equipment and bridges, and ships. The company operates through three segments: freight rolling stock, passenger rolling stock, and shipbuilding, bridges & defence.  

RBI MPC 2023 LIVE Updates: Repo rate unchanged at 6.50%, says Governor Shaktikanta Das

Also read:Top stocks to watch on December 8, 2023: HUL, Focus Lighting, REC, IRCON, Wheels India and more