Shares of Texmaco Rail & Engineering zoomed over 11 percent on June 27 to hit a fresh record high of Rs 245.65 on the National Stock Exchange (NSE).
The sharp rally comes as investors expect the company to benefit from the growing Indian economy, and increasing investments in railway sector.
Texmaco Rail & Engineering Ltd. is a Kolkata-headquartered private engineering and infrastructure company. It is primarily engaged in the business of manufacturing railway wagons, coaches, and locomotives, as well as providing related services.
At 12:12 pm, Texmaco Rail share were trading 9 percent higher at Rs 241 on NSE. The stock has experienced significant trading volume in the past few weeks, causing the stock to reach new highs.
"It has formed a rounding base and experienced a breakout around the Rs 220-215 zone," said Osho Krishan, Senior Research Analyst - Technical & Derivatives at Angel One.
"It appears that the stock is set to continue its upward trend with initial support at the breakout range (Rs 220-215), followed by the bullish gap in Rs 200-196 levels," he added.
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Texmaco Rail & Engineering reported a substantial increase in its consolidated net profit for the quarter ended March 2024 (Q4FY24). The company's net profit surged 247 percent to Rs 45.32 crore, marking a notable rise from Rs 18.33 crore in Q4FY23.
The engineering giant also witnessed a remarkable 37.03 percent increase in its revenue from operations, which soared to Rs 1,144.56 crore in the fourth quarter of FY24.
On an annual basis, the company's performance was equally impressive as the consolidated net profit for FY24 zoomed to Rs 113.21 crore, up from just Rs 26.03 crore in FY23.
Additionally, the revenue from operations for FY24 experienced a substantial increase of 56.15 percent, reaching Rs 3,502.87 crore compared to the previous fiscal year.
In the last one year, Texmaco Rail stock has surged over 200 percent, quadrupling investors' money. In comparison, benchmark Nifty gained over 27 period during this period. So far in 2024, the stock has rallied 38 percent.
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