Shares of Titagarh Wagons (TWL) rose in early trade on March 3 after the company emerged as the second lowest bidder for the Vande Bharat train.

Titagarh Wagons said in a stock exchange filing that the TWL-BHEL consortium has emerged as the second lowest bidder for the “manufacture and maintenance of Vande Bharat trains, including upgrades of government manufacturing units and train depots”.

The Russian CJSC Transmashholding-RVNL consortium was the lowest bidder for 200 Vande Bharat trains. The BHEL and Titagarh Wagons consortium will have the opportunity to match the lowest bid for a bid share, officials said, PTI reported.

The BHEL-Titagarh Wagons offer was Rs 140 crore per train, while the lowest bid was Rs 120 crore per train.

“The TWL-BHEL consortium has been announced as L2 based on the opening of financial bids on March 1, 2023. The total number is 200 trains, and L2 is eligible for 80 trains under the tender conditions. Offers from L1 bidders are 12 trains per train crore,” TWL said in an exchange filing.

A consortium of TMH and India’s public sector unit RVNL has bid Rs 120 crore per train, less than Rs 128 crore per train for the last Vande Bharat train manufactured by ICF-Chennai, PTI reported.

Titagarh Wagons was quoted at Rs 222.70 at 9:38 am, up Rs 1.85 or 0.84% on the BSE. It touched an intraday high of Rs 225 and an intraday low of Rs 220.20.