Texmaco Rail stock soars 10.7% on ₹1,374 crore order win
Texmaco Rail & Engineering, the engineering and infrastructure company, rallied 10.7% in Friday's early trade to reach an all-time high of ₹188.80 apiece, driven by the company's new order win. The Ministry of Railways has awarded an order to the company for the manufacturing and supply of 3,400 BOXNS waggons valued at ₹1,374.41 crore, the company informed through an exchange filing on Thursday. Also Read: Sensex surging: Will this be the new normal? The company operates in the business of manufacturing rolling stock, including wagons, coaches, EMUs, loco shells and parts, hydro mechanical equipment, steel castings, rail EPC, bridges, and other steel structures.
It is well-positioned to benefit from the ongoing transformation in the Indian Railways. Demonstrating an impressive trajectory, the company's shares have surged by 217.5% in the current year, escalating from ₹56.50 per share to the current value of ₹179.40 per share. This exceptional performance marks the stock's third consecutive year of success, ranking as the best annual performance since its listing in 2011.
The stock's previous peak was achieved in CY14, boasting a remarkable return of 211%. Meanwhile, the company raised ₹750 crore through Qualified Institutional Placement (QIP) in November. Also Read: RIL to Adani Enterprises, stocks that shone in the market for the last five year During Q2FY24, the company reported a consolidated net profit of ₹25 crore, marking a 66% increase compared to the net profit of ₹15 crore recorded in the same period last year.
Additionally, there was a 22.52% sequential increase in net profit. Revenue from operations for the second quarter of FY24 saw a 66.32% growth, reaching ₹805 crore compared to ₹484 crore in Q2 FY23. It
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