Kawasaki Heavy Surges on $1.8 Billion Order Report: Tokyo MoverChris Cooper
Kawasaki Heavy Industries Ltd., the Japanese maker of trains and gas turbines, rose the most in more than a month in Tokyo trading after TV Tokyo said the company won a 180 billion yen ($1.8 billion) railcar order.
The stock advanced as much as 7.5 percent, the most since July 30, to 415 yen, and traded at 404 yen as of 11:10 a.m. It was the second-biggest gain among companies in Japan’s benchmark Nikkei 225 Stock Average, which added 1.8 percent.
The company, based in Kobe, western Japan, won an order to supply railcars for a project in New York’s Long Island, TV Tokyo said in a report dated yesterday. Nothing has been decided on the order, Yoshiyuki Kinugasa, a spokesman for Kawasaki Heavy, said by phone from Tokyo today.
Japanese train makers are targeting overseas orders as the nation’s population shrinks. Hitachi Ltd. won an order with John Laing for a 4.5 billion pound ($7 billion) U.K. train order last year, and Kinki Sharyo Co. got an order from Los Angeles for light-rail vehicles a few months earlier.