Rail stocks plunge up to 13% on profit-booking
Rail stocks today fell up to 13 per cent on heavy profit booking ahead of the Railway Budget for 2015-16 on Thursday.
By PTI |
MUMBAI: Rail stocks today fell up to 13 per cent on heavy profit booking ahead of the Railway Budget for 2015-16 on Thursday.
Shares of Kalindee Rail Nirman (Engineers) Ltd plunged 12.62 per cent, Titagarh Wagons slumped 9.99 per cent and Texmaco Rail & Engineering tanked 9.21 per cent on the BSE.
Among others, Stone India fell by 7.71 per cent and Kernex Microsystems India was down 4.95 per cent.
In its budget preview, broking firm Motilal Oswal Securities Ltd said, "Rail Budget is likely to launch a plethora of initiatives along with an improvement in its finances."
"We expect railways to report an improvement in finances, bolstered by freight revenue, announce new innovative sources of funding and make some headway in taking the PPP schemes forward, besides announcement toward improvement in infrastructure, operations and passenger amenities," it said.
Share prices of companies in the rail sector have rallied quite sharply in recent weeks.
"Budget allocation to improve the rail infrastructure will be positive for companies dependent on railway orders," said Daljeet S Kohli, Head of Research, IndiaNivesh Research.
Shares of Kalindee Rail Nirman (Engineers) Ltd plunged 12.62 per cent, Titagarh Wagons slumped 9.99 per cent and Texmaco Rail & Engineering tanked 9.21 per cent on the BSE.
Among others, Stone India fell by 7.71 per cent and Kernex Microsystems India was down 4.95 per cent.
In its budget preview, broking firm Motilal Oswal Securities Ltd said, "Rail Budget is likely to launch a plethora of initiatives along with an improvement in its finances."
"We expect railways to report an improvement in finances, bolstered by freight revenue, announce new innovative sources of funding and make some headway in taking the PPP schemes forward, besides announcement toward improvement in infrastructure, operations and passenger amenities," it said.
Share prices of companies in the rail sector have rallied quite sharply in recent weeks.
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"Budget allocation to improve the rail infrastructure will be positive for companies dependent on railway orders," said Daljeet S Kohli, Head of Research, IndiaNivesh Research.
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Economictimes.com
Laying emphasis on cleanliness, Indian Railways is undertaking the massive exercise to keep not just the trains and stations clean but also ensure cleaning of tracks on a regular basis. Railway minister Sadanand Gowda has declared the launch of a massive cleanliness campaign on October 2 involving the entire employee strength of Indian Railways.
We take a look at how Northern Railways is working towards clean tracks with the help of a massive machine:
Image by Northern Railways
Laying emphasis on cleanliness, Indian Railways is undertaking the massive exercise to keep not just the trains and stations clean but also ensure cleaning of tracks on a regular basis. Railway minister Sadanand Gowda has declared the launch of a massive cleanliness campaign on October 2 involving the entire employee strength of Indian Railways.
We take a look at how Northern Railways is working towards clean tracks with the help of a massive machine:
Image by Northern Railways
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