Shares of Indo-National Industries surged 16% in early trade Monday after its subsidiary won a big order.
The maker of Nippo Batteries (NSE 18.24%) told the exchange that its subsidiary Kineco received a large order worth Rs 113 crore from ICF Chennai in an exchange filing.

Goa-based subsidiary Kineco, a composite technology supplier, has secured an order of Rs 113 crore from Integral Coach Factory in Chennai to supply and install modular interiors for Vande Bharat semi-high-speed trains.

Shares of Indian National surged more than 16% to Rs 396.4 on Monday as the developments unfolded before trading at Rs 379.6 at 9:45 am. The coin closed at Rs 341.65 on Friday.

Earlier this year, Kineco received its most important order for 68 locomotives from Vande Bharat Trains. These orders, along with its already strong order book, will make Kineco one of India’s largest suppliers of train interiors.

Shares of Indo-National are down 24% year-to-date in 2022, while the stock is trading around 40% below its 52-week high of Rs 558.4 set in December 2021. The order book size is considerable, considering that Indo-National’s total market capitalisation is close to Rs 292.5 crore.

The Vande Bharat, India’s first semi-high-speed train, was designed and manufactured by Integral Coach Factory (ICF) in Chennai, Indian Railways’ oldest and largest train manufacturing arm, under the Government of India’s ‘Make in India’ initiative.