Shares of Ramkrishna Forgings Ltd. hit a 52-week high, while those of Titagarh Wagons Ltd. gained on Wednesday after the consortium of the two companies won a contract from the Indian Railways.

A consortium of Titagarh Wagons and Ramkrishna Forgings has been declared the lowest bidder for the manufacturing and supply of forged wheels under the Aatmanirbhar Bharat initiative of the Ministry of Railways.

The total quantity of forged wheels to be supplied will be around 15.40 lakh wheels over a period of 20 years.

Shares of Ramkrishna Forgings gained 8.14% to Rs 287.1 apiece as of 10:28 a.m., compared with a 0.64% gains in the headline Nifty 50. The stock hit a 52-week high at Rs 291 apiece.

The total traded volume so far in the day stood at 12.8 times its 30-day average. The relative strength index was at 60.5.

Out of the seven analysts tracking the company, six maintain a 'buy' rating, and one suggests a 'sell', according to Bloomberg. The 12-month consensus price target implies an upside of 17.3%.

Shares of Titagarh Wagons Ltd. rose 2.82% to Rs 247.75 as of 10:28 a.m., apiece, compared with 0.65% gains in the benchmark Nifty 50. The relative strength index was at 63.5.

One analyst tracking the company maintains a 'buy' rating on the stock, according to Bloomberg. The return potential as calculated by the consensus of analyst estimates, stand at an upside of 11.4% over the next 12 months.