Midcap Stock Spurts 20% On Bagging Contract With Indian Railways For Garib Rath Initiative

In a recent development, the shares of Responsive Industries Ltd. spurts 20% on bagging a contract with Indian Railways for the 'Garib Rath' initiative. The company in press release on Sept 06, 2023, informed that the company has bagged contract with Indian Railways for the iconic Garib Rath initiative.

In a press release, the company said, Building upon its recent triumph with the Vande Bharat project, Responsive Industries Limited is pleased to announce yet another landmark achievement: a distinguished contract with Indian Railways for the iconic Garib Rath initiative.

Moreover, This harmonious convergence with two of the nation's most prestigious rail projects underscores the Company's unparalleled expertise and commitment to quality. Each association, be it Vande Bharat or Garib Rath, resonates with Company's vision of marrying innovation with the broader ambitions of India's Rail connectivity.

Meanwhile, the shares of Responsive Industries in early trade hit 20% upper circuit at Rs 307, the new 52-week high. The stock is currently trading at Rs 303.955 per share on BSE, up 18.80% from the previous close.

The stock gained 23.98% in the last 1 week, and 42.16% in the last 1 month. It gave 149.24% multibagger return in 6 months. In 1 year, it gave 101.63% multibagger return. In 3 and 5 years, it gave 209.96% and 281.70% multibagger returns.

Responsive Industries Ltd. is a leading domestic manufacturer of Vinyl Flooring and Synthetic leather and is among the top 4 producers of Vinyl Flooring globally. The Company has a wide distribution network and export its products worldwide over more than 70 countries. It is a consumer durable sector midcap company with a market cap of Rs 8,122.15 Crore.