Titagarh Wagons share price was locked in 5 percent upper circuit on June 17 after the company tied up with ABB.
The company has entered into an exclusive cooperation agreement with ABB to address the large and growing business of propulsion equipment (traction converters) for the Indian Railways EMU/MEMU market.
According to the agreement, Titagarh and ABB will together design, develop and manufacture 3-phase IGBT-based propulsion systems for EMU/MEMU, which would be manufactured in Titagarh’s plant at Uttarpara, Kolkata with some components supplied by ABB.
This agreement goes into effect immediately, with the first units to be put into revenue service in less than two years.
Titagarh Firema SpA, the Group’s Italian subsidiary, is executing various orders for more than 50 trains to different Italian cities and regions.
Titagarh, in cooperation with its Italian subsidiary, bagged an order for propulsion systems required in the EMU/MEMU trains (local and suburban trains of Indian Railways)for an approximate order value of Rs 65 crore.
The agreement with ABB will help in executing these orders.
At 1226 hours, Titagarh Wagons was quoting at Rs 32.75, up Rs 1.55, or 4.97 percent on the BSE.
There were pending buy orders of 37,713 shares, with no sellers available.
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