ABB and Titagarh Rail Systems ink strategic partnership; stocks jump
Share market today, share market news: In the early trade, ABB India climbed as much as 2 per cent, touching the days high of Rs 4,431.75 apiece, and Titagarh Rail Systems shares surged over 11 per cent, hitting a record high at Rs 1,045 apiece.
Share market today, share market news: ABB India and Titagarh Rail Systems shares rose in the morning deals on November 21. The stocks were in demand as ABB has formed a strategic partnership with Titagarh for metro projects in India.
In the early trade, ABB India climbed as much as 2 per cent, touching the day's high of Rs 4,431.75 apiece, and Titagarh Rail Systems shares surged over 11 per cent, hitting a record high at Rs 1,045 apiece.
However, paring some gains at around 9:55 a.m., shares of ABB India traded 0.54 per cent or Rs 23.55, higher on the BSE at Rs 4,369.45 apiece. Likewise, Titagarh Rail Systems shares were up 9.65 per cent or Rs 90.3, at Rs 1,026.35 apiece.
"ABB and Titagarh Rail Systems have formed a strategic partnership to supply propulsion systems for metro rolling stock projects in India. The partnership aligned with the Indian government’s “Make in India” and “Atmanirbhar Bharat” (self-reliant India) initiatives has already had an early success by winning orders to design and supply equipment for metro coaches for the state of Gujarat," the filing read.
As per the agreement, Titagarh will purchase ABB propulsion systems, including traction converters, auxiliary converters, traction motors, and TCMS software.
It also includes securing the manufacturing rights and production licence for traction motors, along with the complete transfer of technology for the GoA 4 (driverless metro) TCMS software from ABB to Titagarh.
Anil Singhvi's view
Zee Business Managing Editor Anil Singhvi has recommended buying on dips for Titagarh Rail Systems stock, keeping a stop loss at Rs 922.
ABB India and Titagarh Rail Systems share price: Past performance
In 2023 so far, shares of ABB India have gained over 62 per cent and Titagarh Rail Systems has given multibagger returns of over 117 per cent against the Nifty50's rise of over 8 per cent.
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