Shares of Titagarh Rail Systems advanced on Monday after the company announced a fresh contract for the Pune Metro Rail Project. The stock touched an intraday high of Rs 961.80 on the NSE, up 2.72 per cent, before easing to Rs 949.20—still 1.37 per cent above Friday’s close.

In a regulatory filing, the consortium of Titagarh Rail Systems and its associate, Titagarh Firema S.p.A., said it had received a Letter of Approval from Maharashtra Metro Rail Corporation Ltd for the supply of 12 additional electric multiple unit trainsets. The order, issued under a quantity variation clause of Contract P1/RS 01/2018, is valued at about Rs 4.31 billion and covers design, manufacture, testing, commissioning and staff training.

Execution is scheduled to finish within two and a half years, bolstering Titagarh’s order book and furthering the roll out of Phase I of Pune Metro.