Titagarh Rail shares rise after QIP announcement

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Titagarh Rail shares rise after QIP announcement

Shares of Titagarh Rail Systems witnessed a 1.6% increase to Rs 999 (Rs 1 = $0.012) today, following the company's announcement of a Qualified Institutional Placement (QIP) aimed at raising Rs 700 crore (Rs 1 crore = $119,921). The floor price for the QIP is set at Rs 976 per share. This move comes after the stock reached an annual peak of Rs 1,045 on November 21.

The capital raised from the QIP is intended for repaying outstanding debt and enhancing working capital. Nuvama Wealth Management is at the helm as the book running lead manager for this financial initiative.

Earlier, on November 20, Titagarh Rail entered into a strategic partnership with ABB (ST: ABB ) to supply metro propulsion systems across India, aligning with the 'Make In India' campaign.

From an analyst's perspective, Antique has recommended buying Titagarh Rail stocks, setting a target price at Rs 1,013. This bullish stance is supported by the company's strong position in wagon manufacturing and its promising growth trajectory.

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