Rail Stocks Gain after CCEA approves various Rail Projects

Rail Stocks and SharesNew Delhi: Indian railways rose after the Cabinet Committee on Economic Affairs ( CCEA) approved rail projects worth Rs.9598.32 crore.

CCEA, chaired by the PM Narendra Modi yesterday, Nov 18, 2015, has given its approval for revised cost estimate amounting to Rs.2774 cr with railway share as Rs.1247 cr and Ministry of Road Transport and Highways share as Rs.1527 cr for construction of rail-cum-road bridge across river Ganga (14 kms) at Munger with a provision that the cost of land for road approaches may increase in future as the State Government of Bihar has not yet initiated acquisition proceedings for the same.

The CCEA also gave its approval for 3rd and 4th lines between Budhapank and Salegaon via Rajathgarh railway line of 85 km each with a cost of Rs.1172.92 crore. The project is likely to be completed in the next three years during 12th and 13th Plan period.

The CCEA also gave its approval for doubling of Kottavalasa-Koraput railway line of 189.278 km with a completion cost of Rs.2977.64 cr.

Additionally, the CCEA gave its approval for doubling of Koraput-Singapur Road section railway line of 164.56 km with a completion cost of Rs.2361.74 cr.

The CCEA also gave its approval for doubling of Jagdalpur-Koraput section railway line of 110.22 km with a completion cost of Rs.1839.02 cr.

Among rail stocks, Hind Rectifiers (up 4.31%), NELCO (up 3.41%), Kalindee Rail Nirman (up 5.64%), Titagarh Wagons (up 6.05%), Stone India (up 3.83%), Texmaco Rail & Engineering (up 4.89%) gained.

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