Texmaco Rail gains 3.6% on BSE with new Acquisitions and Prestigious Orders

कोलकाता Kolkata (KOAA): Texmaco Rail & Engineering Ltd. has gained around 3.6% on BSE on new acquisitions and prestigious orders despite reporting a 44% decline in net profit at Rs 3.32 crore for the July-September quarter of the 2015 fiscal compared to the same quarter last fiscal when it was Rs 5.93 crore.

The company recently acquired Kalindee Rail Nirman (Engineers) Ltd. which will enable it to become Total Rail Solution Provider. Also, the company has entered into a joint-venture with Wabtec Corporation, USA, a leading provider of products for freight rail cars, passenger transit cars and locomotives. The JV will provide hi-tech freight products and latest of rail safety & control equipment to the indian railways network.

The company secured the single largest order for 974 wagons, valued at Rs 387 crore, from Ministry of Defence (India) to meet the needs of moving artillery equipment of the defence forces. Another prestigious order the company received is from APL-VASCOR (American President Lines-Vascor) for rolling out of Car Carrying rakes (Auto rake).

The Hydro mechanical division of the company has recently bagged large export orders for bridges from Bangladesh and Sri Lanka.

The new government thrust on the railways sector to open up new opportunities is likely to help the company.

The shares opened at Rs 91.90 and till 10.20 AM has hit a high of Rs 94.35 on the BSE while around 15,00,000 shares have changed hands on BSE and NSE combined.