Titagargh Rail shares surge 10% after robust Q4 results
Titagarh Rail Systems saw a notable surge of 10% in its shares on Thursday, reaching a peak of Rs 1,216 on the Bombay Stock Exchange (BSE). This increase followed the company's announcement of a substantial year-on-year (YoY) rise in net profit for Q4FY24, amounting to Rs 78.95 crore, marking a 63.7% increase.
Shares of Titagargh Rail Systems on Thursday surged 10% to the day’s high of Rs 1,216 on after the company reported a of Rs 78.95 crore for Q4FY24, a year-on-year (YoY) increase of 63.7%.The company also reported an increase in its from operations at Rs 1,052.42 crore against Rs 947.22 crore for the same period last year while the was up by 161 bps at 11.4%, up from 9.8% in Q4FY23.
The Board of also declared a of Rs 0.80 per share along with the quarterly results.
“Recommendation of dividend of 40% (i.e. Re. 0.80) per equity share of Rs. 2/- each for the financial year 2023-2024. The dividend as recommended by the Board is subject to approval of the shareholders at the ensuing Annual General Meeting of the Company, date of which will be intimated in due course,” stated the filing to the exchanges.
Shares of Systems have delivered of 259% for the investors in the last one year while the stock has increased 40% in the last six months.
Earlier this month, had also initiated an ‘overweight’ rating on the stock with a target price of Rs 1,285 seeing Titagarh rail as a large beneficiary of the revival of coupled with strong growth aspects of the company.
As of March, the company’s promoters hold 42.5% shares of the company while the remaining 57.5% rests in the hands of the public.
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Source: Stocks-Markets-Economic Times
