Shares of HBL Power Systems and Kernex Microsystems jump after Odisha train accident
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Kavach was developed by the Research Design and Standards Organization of the Indian Railways in association with HBL Power Systems, Kernex Microsystems and unlisted Medha Servo Drives. Shares of HBL Power Systems rose nearly 11 per cent to Rs 124.50 during the day’s trade. This is its highest level in 52 weeks. It finally closed at Rs 120.95, up 7.70 per cent.
stock rally
Shares of Kernex Microsystems closed at Rs 297.55, up 4.99 per cent. Last year, Eastern Railway had awarded a contract for 260 km track between Howrah to Pradhan Khanta and armoring of 120 locomotives. For this, a deal was struck with a consortium led by Siemens. HBL Power Systems was the lead member of the consortium. The contract was worth Rs 286.69 crore in which HBL’s work share was Rs 205.88 crore. This contract was to be completed in 700 days.
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