Bharat Heavy Electricals (BHEL) and Titagarh Rail Systems, previously Titagarh Waggons, rose 2% and 3% in the morning of June 16 following the signing of a contract to manufacture Vande Bharat trains by their consortium. Titagarh Waggons has reached a 52-week high of Rs 430.
A group of companies led by BHEL and Titagarh Rail Systems agreed to manufacture and supply 80 fully constructed Vande Bharat sleeper train sets by 2029, as well as maintain them for 35 years.
This is the first time that an Indian consortium has been given a contract of this magnitude by the Indian Railways. The contract is believed to be worth Rs 24,000 crore.
"We intend to make a modest contribution to the Prime Minister's AatmaNirbhar vision. We are proud to be a part of the government's Make in India initiative, stated Umesh Chowdhary, Vice Chairman & Managing Director of Titagarh Rail Systems.
He stated that the company's focus on embracing cutting-edge technologies to improve engineering prowess would enable it to produce state-of-the-art railway trainsets that meet global standards.
The directive would be carried out over six years. Chowdhary stated that the prototype would be delivered within two years, followed by the rest deliveries.
BHEL also inked a memorandum of understanding (MoU) with Volvo Eicher Commercial Vehicles for a joint project for the development & deployment of Type - IV Cylinders (Hydrogen / CNG) in the commercial vehicle segment.
Titagarh Waggons was trading at Rs 424.75, up Rs 8.55, or 2.05 per cent, on the BSE at 9.31 a.m., and Bharat Heavy Electricals was trading at Rs 86.15, up Rs 1.68, or 1.99 per cent.
