BLACKROCK BUYS A RAILWAY STOCK: WORLD'S LARGEST ASSET MANAGER HOPS ON THE TRAIN

Shares of Titagarh Rail Systems will be in focus as BlackRock Global Funds, one of the funds managed by BlackRock Inc., the world's largest asset manager, acquired 1.6% stake via block deals on Wednesday.

BlackRock Global Funds acquired 21.73 lakh shares of Titagarh Rail on Wednesday, at an average price of ₹1,618 per share. The total transaction was valued at ₹351.62 crore.

The shares in this transaction were sold by Rashmi Chowdhary, one of the promoter group members, who as of the quarter that ended on March 31, had a 9.52% stake in the company.

BlackRock did not have any exposure to Titagarh or any other Indian railway stock before this acquisition.

Rashmi Chowdhary also sold another 5.2 lakh shares of the company on Wednesday, which were acquired by BNP Paribas Financial Markets in a transaction valued at ₹84.18 crore.

BlackRock is the world's largest asset manager, managing assets worth a record $10.5 trillion as of the March-ended quarter.

In an interaction with CNBC-TV18 on Wednesday, Umesh Chowdhary of Titagarh Rail said that they are currenrly in a sector which is "seeing a dream run." He elaborated on the fact that the company is creating a capacity of 800 - 850 coaches per year, through which it anticipates potential revenue to the tune of ₹8,500 crore.

Chowdhary also hoped that the government would increase track capacity in the upcoming budget.

Shares of Titagarh Rail Systems had ended 11.1% higher on Wednesday at ₹1,799. The stock has risen 72% so far in 2024 so far, but over the last 12 months, it has more than tripled in value, rising 256%.

2024-06-27T01:54:56Z dg43tfdfdgfd