Titagarh Wagons (TWL), a private sector railway wagon manufacturer in India, closed at Rs 706.85, a gain 30.90% or Rs 166.85 as against its issue price of Rs 540 on the NSE. The stock has hit an intraday high of Rs 734.70 and an intraday low of Rs 540. The total traded quantity was 5384,541 shares and the turnover was at Rs 369 crore.

In an interview with CNBC-TV18, Umesh Chaudhry, Managing Director of Titagrah Wagons said that the railways had announced that they would be buying 20,000 wagons from Titagarh Wagons in FY09. Wagons have contributed to 80% of the company’s revenues, he said.

The share rose 30.96% to settle at 707.20, with volumes of 53,47,556 shares on the BSE. It has touched an intraday high/low of Rs 734.40 and Rs 550, respectively.

The company had come out with its initial public offering (IPO) of 23,83,768 equity shares of Rs 10 for cash at a price determined through 100% book building process. The issue was subscribed to 6.75 times.

It is a private sector railway wagon manufacturer in India, primarily engaged in the business of manufacturing railway wagons, heavy earth moving and mining equipment, bailey bridges, steel and SG iron castings.