On June 16, Bharat Heavy Electricals (BHEL) and Titagarh Rail Systems, formerly Titagarh Wagons, plunged 2% and 3% after their association signed an agreement to manufacture Vande Bharat trains. Titagarh Wagons increased to its 52-week high of Rs 430.

A consortium led by BHEL and Titagarh Rail Systems signed an agreement to manufacture and supply 80 fully accumulated Vande Bharat sleeper train cliques by 2029 and their upkeep for 35 years.

This is the first time that the Indian Railways bestowed an agreement of this value to an Indian consortium. The projected value of the contract is Rs 24,000 crore.

The firm’s focus on accepting the newest technology to increase engineering prowess would aid it in building state-of-the-art railway trainsets at par with international standards.

The order would be implemented over six years. The prototype would be distributed within two years, after which the outstanding deliveries would be made.

BHEL also signed a Memorandum of Understanding (MoU) with Volvo Eicher Commercial Vehicles for captivating up a “combined project for expansion & deployment of Type – IV Cylinders (Hydrogen / CNG)” in the commercial vehicle segment.

At 9:31 am, Titagarh Wagons was Trading at Rs 424.75, up Rs 8.55, or 2.05%, and Bharat Heavy Electricals was trading at Rs 86.15, up Rs 1.68, or 1.99%, on the BSE.