Indo-National zooms 16% on bagging Rs 113 crore order for Vande Bharat train

New Delhi: Shares of Indo-National Industries zoomed as much as 16 per cent during the early trade on Monday after a big order win by its subsidiary.

The manufacturer of Nippo Batteries informed bourses that its subsidiary Kineco has bagged a big order worth Rs 113 crore from ICF Chennai, in an exchange filing.

The Goa[based subsidiary Kineco, a composite technology provider, has bagged a Rs 113 crores order for the supply and installation of modular interiors for Vande Bharat semi-high speed trains, from Integral Coach Factory, Chennai.

Following the development, shares of Indo-National zoomed over 16 per cent to Rs 396.40 on Monday, before trading at 379.60 at 9.45 am. The scrip had settled at Rs 341.65 on Friday.

Earlier this year, Kineco was awarded with the largest order of 68 train fronts of the Vande Bharat Trains. These orders, together with its already strong order book will catapult Kineco to become one of India’s largest train interior suppliers.

Shares of Indo-National have dropped 24 per cent in 2022 so far, whereas the stock is trading roughly 40 per cent below its 52-week high of Rs 558.40 hit in December 2021.

The order size is quite significant considering the total market capitalization of Indo-National, which stands close to Rs 292.50 crore.

Vande Bharat is India’s first semi-high speed train, designed and manufactured under the Indian Government's Make in India Initiative by Integral Coach Factory (ICF), Chennai - the oldest and largest train manufacturing arm of the Indian Railways.