Shares of Titagarh Wagons hit a fresh high of Rs 258.1 in intraday trade on Thursday, adding 4% to the BSE in an already weak market. In contrast, the S&P BSE Sensex was down 1.1% at 59,144 at 10:53 am.

Over the past four sessions, the stock has gained 21% after Titagarh Wagons, and Bharat Electricals (TWL-BHEL Consortium) emerged as the second lowest bidder (L2) for Vande Bharat Trainsets fabrication and maintenance, including upgrades Government manufacturing unit and Trainset warehouse.

The TWL-BHEL consortium has been declared L2 under the opening of financial bids on March 1, 2023. The total quantity is 200 Trainsets, and L2 is eligible for 80 Trainsets according to the tender conditions. The offer from the L1 bidders was Rs 120 crore per Trainset, the company said in an exchange filing.

Titagarh Wagons mainly manufactures and sells freight cars, passenger cars, subway trains, train electrical, steel castings, special equipment and bridges, ships, etc.

Meanwhile, shares of Titagarh Wagons have risen 65% over the past six months, compared with a 1% decline in the S&P BSE Sensex. Plus, it’s up 185% over the past year, compared with the benchmark’s 6.7% gain.

Titgarh Wagons has an order book of over Rs 10,000 crore with a very diverse order book across the three segments. About 86% of the order comes from Freight Rolling stocks, backed by a recent order received from Indian Railways.