Titagarh Wagons shares up 3% after Matiere S.A.S becomes 100% wholly-owned subsidiary

Titagarh Wagons share price was up over 3 percent in the morning trade on July 16 after the company acquired shares held by Matiere S.A.S., France.

"We wish to inform that Titagarh Wagons Limited has acquired the shares held by Matiere S.A.S., France, representing 50 percent of the paid-up share capital of Matiere Titagarh Bridges Private Limited, a Joint Venture Company of TWL," the company said in a filing to the exchanges.

The shareholding of the company in MTBPL has changed from 50 percent to 100 percent and thus MTBPL has become a wholly-owned subsidiary of the company w.e.f. July 14, 2020, it added.

The stock price has gained over 24 percent in the last 1 month and was trading at Rs 40.10, up Rs 1.35, or 3.48 percent at 09:30 hours. It has touched an intraday high of Rs 40.65 and an intraday low of Rs 39.50.

According to Moneycontrol SWOT Analysis powered by Trendlyne, FII / FPI or institutions have been increasing their shareholding in the bank with the company having zero promoter pledge.

Moneycontrol technical rating is very bullish with moving averages and technical indicators being bullish.