Shares of Titagarh Rail Systems rallied 4% and reached an intraday high of Rs 803.90 on 4 October after the company signed a contract with the Surat Metro Rail Phase I Project.

The company signed a contract to design, manufacture, test, supply, commission, and training of 72 standard gauge cars.

The total order value of the said contract is estimated at Rs 857 crore.

The execution of the contract is said to start 76 weeks after signing and is to be completed within 132 weeks after the signing.

The Surat Metro Rail project is to be done in two phases and spans a total of 40.45 Km, will have 38 stations and will cost around Rs 12,020 crore.

In August, the company also received a letter of acceptance for Rs 350 crore to design, supply, test manufacture, commission, and train 30 standard gauge cars from Gujarat Metro Rail Corporation.

The company is in the business of manufacturing rail wagons, coaches, and allied components.

In its quarterly report for the April-June quarter, the company reported a 110.87% increase in its revenue from operations at Rs 911 crore and reported a net profit of Rs 62 crore.

At 11:50 am, the shares of Titagarh Rail Systems were trading at Rs 781.40 or 1.49% above its previous close on NSE.