Company News

BUZZ-Bombardier gains after rail unit named preferred bidder for Egypt monorail project

** Bombardier’s shares up 4.6% at C$2.17, erasing most losses from their last four sessions and set for their best day in nearly two weeks

** Co’s rail business on Monday was named the preferred bidder for a 3 bln euro ($3.36 bln) monorail project in Egypt, which would be the unit’s biggest in recent years if confirmed

** BBDb earlier rose as much as 5.3% to $2.18, but that was still ~61% off its 52-week high of $5.58

** The potential value of the design and build contract for the monorail project is 1.2 bln euros and a 30-year operations and maintenance deal is about 1.1 bln euros

** Stock now up ~5% YTD, even after falling for the last five straight weeks

Reporting by Uday Sampath in Bengaluru