Titagarh Wagons Limited (BSE: 532966 | NSE: TWL), a leading private-sector manufacturer of Freight and Passenger Rolling Stock has proposed change in the Company's name to "Titagarh Rail Systems Limited" subject to necessary approvals. Titagarh not only occupies the top spot in private sector Wagon manufacturing but also has become a leading supplier of Passenger Rolling Stock including Metro Coaches and is commendably growing in the Transit and Propulsion systems space. The Company is currently executing the order for 102 Metro Coaches for Pune Metro and delivery of the said aluminum body Metro Coaches manufactured at its state-of-the-art facility in Uttarpara, West Bengal is on track. Titagarh has participated in various other tenders in this segment and is set to further consolidate its position in urban rapid transport system of the country. Taking note of the need to reflect its expanded business portfolio in rail systems space, the Board of Titagarh approved the proposed change in name at its meeting held on 17th March, 2023. This would be the first change in the Company's name since its incorporation in 1997.
Titagarh Board also appointed Mr. Saket Kandoi as Director (Freight Rolling Stock) with immediate effect. Mr. Saket Kandoi has been associated with the Company for the last 16 years during which he initially handled freight business for a few years and then took over shipbuilding division with a key role in transit and propulsion systems space simultaneously. Having gained rich experience in operations and marketing, he has now been assigned to head the Freight Rolling Stock domain in place of Mr. Sudipta Mukherjee. Mr. Saket Kandoi is very energetic, dynamic and has a proven track record of effective execution of the projects, and he is fully aligned with the pace of growth Titagarh is pursuing.
It has also been decided to incorporate a new company in India in a joint venture with Titagarh Firema SpA, (TFA) Italy to acquire the Company's Design Centre in Hyderabad to support the Transit & Propulsion business. The new company with the proposed name: Titagarh Firema Engineering Services Pvt. Ltd. will carry on the business of research, engineering and design related services to support Transit & Propulsion business. Titagarh Board has approved a maximum investment of Rs.5 crore in the Joint Venture Company with 51% of the equity to be held by TFA and 49% by Titagarh, India.
Commenting on these announcements, Mr. Umesh Chowdhary, Vice Chairman & Managing Director, Titagarh Wagons Limited said, "We are pleased by the series of corporate decisions announced today which fit in with the Company's vision of strengthening our leadership position and emerge as the pre-eminent integrated manufacturer in the Rail ecosystem. The first of those is a change proposed in the name of the Company to Titagarh Rail Systems Limited which reflects our presence across the entire gamut of operations across the rail ecosystem. With a very healthy order book, Titagarh is all set to scale new heights in rail systems business including Freight Rolling Stock. I welcome Saket Kandoi to the Board as Director (Freight Rolling Stock). I have seen his dedicated professionalism in the past 16 years and am confident that he will succeed very well in the new role. We are setting up a new joint venture company in India with Titagarh Firema SpA that will take over the Design Centre based in Hyderabad and carry on research, engineering and design related services to support the transit and propulsion business. This is a very exciting time for Titagarh as we continue to participate in the growth of India in rail ecosystem and contribute to Atma Nirbhar initiative of the Government of India."
Shares of Titagarh Wagons Limited was last trading in BSE at Rs. 238.80 as compared to the previous close of Rs. 244.60. The total number of shares traded during the day was 50323 in over 2391 trades.
The stock hit an intraday high of Rs. 248.35 and intraday low of 237.10. The net turnover during the day was Rs. 12156635.00.