Shares of railway stock Texmaco Rail & Engineering jumped over 11 percent today on the NSE to Rs. A new record high of 245.65 was reached. At 1:58 pm, shares of Texmaco Rail rose 7.13 percent on the NSE to Rs. was trading at 236.87. The stock has seen a lot of trading volume over the past few weeks, which has pushed the stock to new highs.
Shares of Texmaco Rail have risen more than 200 percent in the past year, tripling investors’ money. In comparison, the benchmark Nifty has gained over 27% during this period. The stock is up 35 percent so far in 2024. It has recorded an increase of about 20 percent in one month and 12.25 percent in the last 5 days.
This company got a big contract, looted to buy shares, the price crossed ₹600
According to Moneycontrol, the sharp rise comes at a time when investors expect the company to benefit from India’s growing economy and increased investment in railways. Texmaco Rail and Engineering Limited is headquartered in Kolkata. It is a private engineering and infrastructure company. It is primarily in the business of manufacturing railway wagons, coaches and locomotives as well as providing related services.
Osho Krishna, Senior Research Analyst, Technical & Derivatives, Angel One, said, “The stock has formed a rounding base and Rs. Given the breakout around 220-215 it seems that the stock is close to the initial breakout range (Rs. 220-215).
Net profit increased by 247 percent
Texmaco Rail & Engineering has reported a significant growth in its consolidated net profit for the quarter ending March 2024. The company’s net profit increased by 247 percent to Rs. 45.32 crores, which is Rs. 18.33 crores showing a significant increase. The engineering company also saw an impressive 37.03 percent growth in its revenue from operations, which rose to Rs. 1,144.56 crores.
Year-on-year performance of the company was also excellent. Because, consolidated net profit for FY24 increased to Rs. 113.21 crore, which in FY23 was only Rs. 26.03 crores. Further, the income from operations for FY24 increased significantly by 56.15 percent over the previous financial year at Rs. 3,502.87 crore was reached.
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