Interim Rail Budget 2014: Stocks of Rail industry gain

Mumbai:  Stocks of companies associated with the railways surged around noon, just before Railway Minister Mr.Mallikarjun Kharge started to present the interim budget of the network for the next financial year.

At the Bombay Stock Exchange (BSE), shares of wagon maker Texmaco Rail and Engineering grew 0.58 per cent to trade at ₹43.25 around 12 pm, rising a bit from the intra-day low of ₹42.85.

Scrip of Kalindee Rail Nirman (Engineers) increased 1.43 per cent at ₹67.30, moving up from the intra-day low of ₹65.75.

At 12:25pm, Titagarh Wagons scrip was up 0.76% (Titagarh Wagons reported gain of 1.99 per cent at ₹107.40), BEML jumped 1.87%, while  Kernex Microsystems was down 1.08% and Hind Rectifiers slipped over 7%.  Stocks of another wagon manufacturer. However, shares of Hind Rectifiers slipped 5.40 per cent to trade at ₹33.30.

Another firm doing business with the railways Transformers and Rectifiers (India) saw its stock rise 0.94 per cent to trade at ₹75.50.

Railway-related stocks are trading mixed after presentation of the interim Railway Budget for 2014.

Among major announcements that Kharge made was the inclusion of the north-eastern states of Meghalaya and Arunachal Pradesh on the railway map by FY 2015, which until now enjoy very low connectivity.

The minister also announced the completion of the 11.2-kilometre-long banihal -qazigund rail link in Jammu & Kashmir, terming it as “landmark project. 2270-km of new rail tracks in five-year plan period, 4556 km of electrification in five-year plan period were also announced, surpassing the planned target of 45,00 kms for electrification.