Rail Budget 2015: Why stock markets gave Suresh Prabhu a thumbs down
Fertiliser stocks came under pressure as freight rate for urea are to go up by average 10 per cent. Madras Fertilisers tanked as much as 6 per cent.
By ET Online | Updated:
NEW DELHI: The markets pulled out a red flag to rail minister Suresh Prabhu's maiden budget, slipping over 300 points on Thursday.
So, why did markets give Prabhu a thumbs down?
"Markets corrected sharply as Prabhu failed to meet investors' expectations of big-ticket reforms from Rail Budget. But it will be a good time to buy for investors who wanted to invest in Indian markets for long term," says A K Prabhakar, Independent Market Expert.
Cement stocks took a beating as freight rate was hiked by average 2.7 per cent.
In this pack, Ambuja Cements slipped 1.86 per cent, ACC declined 1.70 per cent, India Cements 1.92 per cent and JK Lakshmi Cements fell 4.75 per cent.
Fertiliser stocks came under pressure as freight rate for urea are to go up by average 10 per cent. In this pack, Madras Fertilisers slipped 5.98 per cent, Coromandel International slipped 0.7 per cent, Zuari Agro Chemicals declined 1.78 per cent and Fertiliers and Chemical Travancore fell 2.61 per cent down.
Also, freight rate for coal is to go up by average 6.3 per cent. Coal India slipped about 2 per cent in intraday trade.
So, why did markets give Prabhu a thumbs down?
"Markets corrected sharply as Prabhu failed to meet investors' expectations of big-ticket reforms from Rail Budget. But it will be a good time to buy for investors who wanted to invest in Indian markets for long term," says A K Prabhakar, Independent Market Expert.
Cement stocks took a beating as freight rate was hiked by average 2.7 per cent.
In this pack, Ambuja Cements slipped 1.86 per cent, ACC declined 1.70 per cent, India Cements 1.92 per cent and JK Lakshmi Cements fell 4.75 per cent.
Fertiliser stocks came under pressure as freight rate for urea are to go up by average 10 per cent. In this pack, Madras Fertilisers slipped 5.98 per cent, Coromandel International slipped 0.7 per cent, Zuari Agro Chemicals declined 1.78 per cent and Fertiliers and Chemical Travancore fell 2.61 per cent down.
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Also, freight rate for coal is to go up by average 6.3 per cent. Coal India slipped about 2 per cent in intraday trade.
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