Texmaco Rail and Engineering jumped over 10% to hit a 52-week high of Rs 188.80 on the NSE after the company informed the exchanges about receiving an order for manufacturing and supply of 3,400 BOXNS wagons worth Rs 1,374.41 crore.
The price action was supported by strong volume action with over 1.09 crore shares changing hands on the NSE around 10:10 am.
Today's rally in Texmaco stock is its fourth in a row witnessing a rally for the fourth straight session.
The multibagger railway counter has given returns of over 220% in the last 12 months, significantly outperforming the Nifty which has given returns of 15% during this time.
Texmaco shares are trading above their 50-day and 200-day simple moving averages (SMAs). Momentum indicators RSI and MFI are in a medium range which suggests a further upside. While the RSI is at 56, the day's MFI stands at 51 according to Trendlyne data.
Despite a strong rally in the stock, it has traded with considerable stability at a 1-year beta of 0.3 according to Trendlyne.
The company claims to have the largest single-location manufacturing facility with a 20% market share and it manufactures wagons for bulk transport of alumina, ash, cement, coal, steel coil, container, car, petrol, LPG, food grain, defense, and various other applications and locomotive shells.
Jupiter Wagons was another stock that rallied 3% to hit the day's high of Rs 343.40 after it secured a contract with the Government of India, for 4,000 BOXNS Wagons worth Rs 1,617 crores.
Railways stocks have been rallying on strong orders.
Another railway stock that gained today was IRFC which was up over 4% and hit a new 52-week high of Rs 100.80. Titagarh Rail Systems, Ircon International, and BEML jumped up to 3%.
(Yo