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  1. Titagarh Rail shares rise 8% following bulk deal over ₹85 crore

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Titagarh Rail shares rise 8% following bulk deal over ₹85 crore

Abha Raverkar

2 min read | Updated on October 17, 2024, 12:44 IST

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SUMMARY

Shares of Titagarh Rail Systems were trading at an intra-day high of ₹1,224, an increase of 8.03% on the NSE on Thursday, with its market cap crossing the ₹16,000 crore mark. This follows Morgan Stanley Asia purchasing more than ₹85 crore worth of shares in the company in a bulk deal a day prior.

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The Kolkata-based railway manufacturer’s market capitalization surpassed ₹16,000 crore, reaching ₹16.3 thousand crore on Thursday

The Kolkata-based railway manufacturer’s market capitalization surpassed ₹16,000 crore, reaching ₹16.3 thousand crore on Thursday

Shares of Titagarh Rail Systems were trading at an intra-day high of ₹1,224 apiece, an increase by 8.03% (+₹91) on the NSE on Thursday, October 17. The Kolkata-based railway manufacturer’s market capitalization surpassed ₹16,000 crore, reaching ₹16.3 thousand crore on Thursday, October 17.
Morgan Stanley bulk deal

This follows a bulk deal a day prior in which Morgan Stanley purchased over ₹85 crore worth of shares in the company.

The investment banking firm purchased 7,63,738 shares or 0.57% on Wednesday, October 16 at an average ₹1,120 per share price in the Kolkata-based railway company, the stakes purchased amounted to ₹85.54 crore, according to the bulk deal data on the NSE.

The New-York based Morgan Stanley made the purchase through its affiliate Morgan Stanley Asia Singapore.

On the other end of the spectrum, the Capital Group, through its arms SmallCap World Fund Inc sold 7.9 lakh shares of the Kolkata-based Titagarh Rail Systems on Wednesday for an average price of ₹1,120.12 apiece. Thus, offloading a 0.59% stake in the railway stock manufacturing company.

The deal was valued at ₹88.6 crore.

Titagarh Railway Systems closed at ₹1,133 per share price on the NSE, slipping 1.19% (-₹13.60) on Wednesday.

The company hit its 52-week high of ₹1,896.95 on the NSE on June 27, 2024 and touched a record low of ₹702.30 on October 26, 2023.

About the company

Titagarh Railway Systems became listed on April 28, 2008. The company is involved in the manufacturing and selling of freight wagons, passenger coaches, metro trains, train electrical systems, steel castings, specialised equipment, bridges, and ships.

About The Author

Abha Raverkar
Abha Raverkar is a post-graduate in economics from Christ University, Bengaluru. She has a strong interest in the markets and loves to unravel the nitty-gritties of the latest happenings in the world of markets, business, and economy.

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