Shares of Titagarh Rail Systems Ltd surged 3% on 24 July after the company announced that they have begun exporting traction converters. Earlier this month, on the 19th, Titagarh Firema SpA (Titagarh Firema), Italy, received the first shipment of eight converters.

This shipment is a component of an order that Titagarh Rail obtained from Titagarh Firema for 7.18 million euros, or around Rs 65 crore.

Titagarh Firema has secured an order from Regione Lazio, Italy, for the design, manufacture, and supply of 38 trainsets valued at approximately EUR 276 million, with a design speed of 100 kmph. 

Titagarh received the order from Firema, Italy, to supply traction converters for the first batch of 11 trains for the Regione Lazio Viterbo line (operating at 3 KV) and the Regione Lazio Lido line (operating at 1.5 KV). 

The company aims to ship two train sets, or eight converters, each month to fulfil the order.

Meanwhile, the company has informed exchanges that the Board of Directors would meet on 30 July to consider and approve the standalone and consolidated financial statements for the first quarter of the fiscal year (Q1FY25), among other matters.

Titagarh Rail Systems provides freight wagons, passenger coaches, metro trains, train electrical systems, steel castings, ships, specialised machinery, and bridges, among other goods and services.

The corporation is divided into three business segments: shipbuilding, bridges, and defence; rolling stock for freight and passenger purposes; and shipbuilding.

At 3:30 pm, the shares of Titagarh Rail closed 3.03% higher at Rs 1,636.35 on NSE.

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