Titagarh Rail shares cross Rs 1,000 mark for first time; how strong is the uptrend?

Shares of multibagger Titagarh Rail Systems Ltd crossed the Rs 1,000 mark for the first time ever in the current session. The stock hit a record high of Rs 1045 in early trade. In the afternoon session too, the stock was trading above the Rs 1,000 mark at Rs 1006.30 on BSE. The rally in the railway stock came after the firm said it has formed a strategic partnership with ABB Systems to supply propulsion systems for metro rolling stock projects in India.  

Titagarh Rail shares rose over 11% to hit an all-time high today. Market cap of the firm rose to Rs 12,818 crore. Total 2 lakh shares of the firm changed hands amounting to a turnover of Rs 20.32 crore.   Titagarh Rail stock has clocked multibagger returns of 518% in a year and zoomed 352% this year. The stock has clocked positive returns in all time periods up to 10 years. It hit a 52-week low of Rs 163 on November 22, 2023.       

Here’s a look at the outlook of the stock.  

Shiju Koothupalakkal - Technical Research Analyst, Prabhudas Lilladher said, “The stock has witnessed resistance near the Rs 1,000 zone and has slipped to some extent with profit booking seen with the RSI cooling off from the highly overbought zone. As mentioned earlier, the overall bias is maintained positive with major support zone lying near Rs 870 levels. The near term support would be at Rs 920-924 levels from where one can expect the stock to consolidate and get ready for further upside move. With strength sustaining, the next upside target visible is near Rs 1105 levels.”  

Abhijeet from Tips2trades said, "Titagarh Rail is bullish but also overbought on the Daily charts with next resistance at Rs 1050. A daily close above this resistance could lead to Rs 1180. Investors should book profits at current levels. Support will be at Rs 967."

Titagarh Rail Systems logged a 46.5% rise in net profit to Rs 70.6 crore in Q2 against a net profit of Rs 48.2 crore in the September 2022 quarter. Total revenue climbed 54.1% to Rs 935.5 crore in Q2 against Rs 607.1 crore in the corresponding period of the preceding fiscal. Earnings per share rose to Rs 5.56 in the September 2023 quarter against Rs 3 in the September 2022 quarter.    

Profit before tax zoomed 112% to Rs 94.39 crore in the September quarter against Rs 44.45 crore in the September 2022 quarter.    

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.          

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.  

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