As per the tender documents, first three-car prototype metro trainset is required to be supplied in 78 weeks and the balance 33 train sets in several phases over 160 weeks
As the Prime Minister Narendra Modi on Thursday focused on "act and think local" and emphasised that products under "Made in India" should be a priority in his Independence Day speech, a Kolkata-based wagon manufacturer Titagarh Wagons has announced bagging orders worth Rs 1,125 crore from the Maharashtra Metro Rail Corporation.
In a disclosure on the stock exchange, the company said that the consortium formed by Titagarh Wagons with its wholly-owned subsidiary, Titagarh Firema SpA has emerged as the lowest bidder in the tender issued by Maharashtra Metro Rail Corporation (MAHA-METRO) for "design, manufacture, supply, testing, commissioning of passenger rolling stock (Electrical Multiple Units) And training of personnel" for Pune Metro Rail Project.
The joint bidding by the consortium was made for design, manufacture and supply of 102 metro coaches for Pune Metro Rail.
As per the tender documents, first three-car prototype metro trainset is required to be supplied in 78 weeks and the balance 33 train sets in several phases over 160 weeks.
"The order valued at approximately Rs 1,125 crore is likely to be issued in the next few days and more details would be intimated by the company upon receipt of the formal order," it said.
Earlier in February, the company secured an order from Ferrovia Circumetnea, Italy, valued at about Rs 1,741 crore. Titagarh Firema SPA, the wholly-owned subsidiary of the company in Italy (TFA), has been awarded the letter of acceptance for design, manufacture and supply of 54 units of metro for Ferrovia Circumetnea, Italy, the company had then said in a regulatory filing.
According to an analyst, the development could be an essential turnaround point for the company as most domestic wagon manufacturers have struggled due to lack of order from the Indian Railways in the past few years.
Different Track
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| The first three-car prototype metro trainset is required to be supplied in 78 weeks and the balance 33 train sets in several phases over 160 weeks |
| Earlier in February, the company secured an order from Ferrovia Circumetnea, Italy, valued at about Rs 1,741 crore |
"This could be a turnaround point as the order book of Titagarh Wagons currently looks better and it is much more than its current market capitalisation of Rs 475 crore," the analyst said, that the stock may see a rally on Friday as there is a focus on spends in modern infrastructure and the Prime Minister in his I-Day speech stressed on "going local" and boosting exports by making local products attractive.
The shares of the company have plunged almost 56% in the past one year and closed at Rs 41.10 a piece on Wednesday on BSE.
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As per the tender documents, first three-car prototype metro trainset is required to be supplied in 78 weeks and the balance 33 train sets in several phases over 160 weeks.
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