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Shares of CG Power have gained almost 3 percent in the morning trade as investors cheered an order win from the Indian Railway.
The company on Tuesday announced an order win worth Rs 319 crore to supply of Under Slung Electrics for Diesel Electric Tower Car (DETC).
“Large quantities of DETCs are required for massive track electrification drive taken up by Indian Railways across the country. More than 1000 DETCs shall be required for electrification and thereafter for inspection and maintenance in the coming years,” the company said in a filing to the exchanges.
Further, it added that the order win came on the back of ‘successful executions’ of previous Railways orders which were carried out by the firm.
“With the Indian Railways making bold moves towards electrification, this partnership has become even more critical and value-accretive. With its commitment to state-of-the-art technology and innovation, CG has been able to provide customized solutions to the Indian Railways which has enabled it to make more significant contributions,” KN Neelkant, its CEO and MD said in the statement.
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