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Texmaco Rail & Engineering share rallies 9% in trade today; here's why
At 11:24 AM, Texmaco Rail share price was up 4.24 per cent at ₹180.80 per share. In comparison, BSE Sensex was trading 0.36 per cent higher at 83,052.46 levels.
Why did Texmaco Rail share price zoom in trade today?
The rise in the Texmaco Rail share price came after the company announced that it has secured an order of ₹535 crore from Camalco SA.
In an exchange filing, Texmaco Rail said, 'We wish to inform you that Camalco SA, Cameroon has awarded an order of $62,244,000 (equivalent to ₹535 crore ) which include order for manufacturing and supply of 560 open Top wagons at $32,760,000 (equivalent to ₹282 crore ) and long term maintenance contract for 20 years at $29,484,000 (equivalent to ₹253 crore)."
Under the terms of the order, the company will be responsible for the manufacture and supply of Wagons: Initial order for 560 Open top Wagons to be completed in 2 phases within 24 months from Purchase order date with the provision for additional order of 1040 wagons in subsequent phases; and long term maintenance contract for wagons supplied by company for a period of 20 years.
The sizable order is expected to majorly boost the company's export portfolio and revenue visibility, while the 20-year maintenance contract adds a long-term earnings component, making it a crucial deal for Texmaco.
About Texmaco Rail
Texmaco Rail & Engineering, a part of the Adventz Group, is among the leading infrastructure engineering companies with a diverse portfolio. The company specialises in manufacturing rolling stock, hydro-mechanical equipment, steel castings, and the construction of rail EPC projects, bridges, and other steel structures.
Established in 1998 after the demerger of Texmaco Limited, which had been operational since 1939, Texmaco Rail & Engineering has evolved from its earlier focus on heavy engineering and steel foundry to its current diversified business segments.
The company's offerings span various sectors, including the production of high-capacity freight wagons, metro tracks, and rolling stock components such as loco shells, bogies, and coaches. It also plays a crucial role in the fabrication of steel bridges, flyovers, and hydro-mechanical equipment like gates and hoists for power projects.
The market capitalisation of Texmaco Rail is ₹7,226.36 crore, according to BSE. The company falls under the BSE SmallCap category.
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