Titagarh Wagons is locked in upper circuit of 10% at Rs 99.40, in otherwise weak market, on reports that the company has scrap plans to demerge its coach manufacturing business into a new company, following sluggish order flow for wagons from Railways.
Wagon and railway coach-maker Titagarh Wagons has decided to scrap plans to restructure business which included separating the coach division, the PTI reports suggests quoting Umesh Choudhary, managing director of the company.
In November, the board of Titagarh Wagons approved demerger of rail coaches division into an existing subsidiary of Titagarh Wagons. The subsidiary was to allot 12 equity shares to the equity shareholders of Titagarh Wagons for every 100 shares held by them.
Wagon and railway coach-maker Titagarh Wagons has decided to scrap plans to restructure business which included separating the coach division, the PTI reports suggests quoting Umesh Choudhary, managing director of the company.
In November, the board of Titagarh Wagons approved demerger of rail coaches division into an existing subsidiary of Titagarh Wagons. The subsidiary was to allot 12 equity shares to the equity shareholders of Titagarh Wagons for every 100 shares held by them.
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