Texmaco Rail shares hit a day high of Rs 128.99 but closed lower on 5 October, as the firm became lowest bidder for a Rs 26.6 crore Vasai job.

Market sources state that Texmaco Rail & Engineering Limited, referred to as L1 in tender terminology, was the lowest bidder for a power cable project at Vasai, Maharashtra.

The contract is worth Rs 26.6 crore. L1 means the company quoted the lowest price. A formal award still has to follow before the work becomes a confirmed order.

The job covers designing, supplying, installing and testing high-voltage power cables and a connected power bay for the railway network.

It has a two-year completion window. Texmaco has been picking up smaller orders lately.

On 3 October, it told exchanges it had received a letter of acceptance from West Central Railway worth Rs 3.65 crore, including taxes.

The company will supply anti-bird discs that help stop birds from causing faults on railway lines, and the work must finish within 12 months of the letter’s issue date.

Neither its promoters nor group companies have any interest in West Central Railway, and the order is not a related party deal.

In early September, the firm disclosed two wagon orders worth Rs 131.36 crore in total.

Transport Corporation of India placed one for Rs 24.48 crore, while Touax Texmaco Railcar Leasing placed the other for Rs 106.88 crore.

Texmaco is one of the promoters of Touax Texmaco, so that second order counts as a related party deal.

The company said it was done at arm’s length with no conflict of interest.

For the April to June quarter, consolidated net profit rose 66.86% to Rs 50.04 crore, even as sales fell 16.90% to Rs 756.68 crore.

On 5 October, Texmaco Rail shares opened at Rs 128.00 on NSE and slipped as low as Rs 116.51 during the session.

They ended at Rs 117.18, down Rs 9.68 or 7.63% from the previous close of Rs 126.86. The stock has lost 16.76% over the past year, and its market value is about Rs 4,768 crore.

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