Texmaco Rail & Engineering shares surged over 6 per cent in the morning trade on Friday as the company announced that the its consortium with Hitachi Japan, Mitsui & Co. and Hitachi India has won a contract for the design and construction of signal and telecom works – STP5 (the project) worth Rs 1,800 crore, STP5 is a part of the dedicated freight corridor traversing India’s biggest industrial cluster between Delhi and Mumbai from the Dedicated Freight Corridor Corporation of India.
In a BSE filing, Texmaco Rail & Engineering said, the sector covered by the contract will cover the 915 km distance between Rewari in Haryana and Vadodara in Gujarat. This is the biggest order ever placed in India for Japanese signaling equipment.
At 9:50 am, shares of Texmaco Rail & Engineering were trading 6.37 per cent up at Rs 146.95 on BSE, while on NSE, shares were traing 6.07 per cent up at Rs 146.95. The share price of the company later closed 1.17 per cent up at Rs 38.80.
In the past one year, the share price of Texmaco Rail & Engineering gained 9 per cent to Rs 138.20 on December 10. Sensex fell 9 per cent during the same period.
The promoters holding in the company stood at 54.81 per cent while institution and non-institutions held 34.28 per cent and 10.91 per cent respectively.