After six consecutive sessions of advances, India's major market indices opened lower on Friday, driven by declines in IT and banking firms. For guidance on policy, investors are anticipating the U.S. Federal Reserve Chair Jerome Powell's speech at the Jackson Hole symposium. The BSE Sensex was down 0.3% to 81,793.98 at 9:23 a.m. IST, while the Nifty 50 was down 0.3% at 25,015.
With the acquisition of a ₹467.25 crore shipbuilding order from Garden Reach Shipbuilders & Engineers Ltd., Titagarh Rail Systems Limited has strengthened its position in the construction of specialised vessels for research and exploration and added a substantial amount to its growing order book.
Details of the order are as follows:
Garden Reach Shipbuilders & Engineers Ltd. has granted Titagarh Rail Systems Limited a Letter of Intent (LOI) to build two ships, the company stated in its filings. With ₹445 crore for the order itself and an extra ₹22.25 crore for Goods and Services Tax (GST), the aggregate value of this order is ₹467.25 crore.
These two vessels are intended for use by the Geological Survey of India and are classified as research vessels designed for coastal exploration. Their primary activities will include:
The vessels will be constructed under the classification regulations of the Indian Register of Shipping. The contract is domestic in nature, awarded by a domestic entity, and involves ship construction through sub-contracting.
Titagarh Rail Systems Limited expects to complete the execution of this order within 28 months from the date of the LOI. The company has also confirmed that neither its Promoter, Promoter Group, nor Group Companies have any interest in Garden Reach Shipbuilders & Engineers Ltd., and the order does not fall under related party transactions.
Titagarh Rail Systems Limited maintains a strong order book position. As of June 30, 2025, the company's order book size from the company's direct orders was approximately ₹12,695 Crores. Additionally, there is a share from Joint Ventures (JVs) amounting to ₹13,326 Crores.
On Friday, Titagarh Rail Systems' share price jumped over 3% after securing a ₹467.25 Crore order from GRSE. As of 9:31 am, the stock was trading at ₹862.15 per share, up by 0.82%.
Disclaimer: The article is for informational purposes only and not investment advice.
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