Railway stocks extend losses ahead of Budget

MUMBAI: Shares of companies related to Railways extended overnight losses as traders booked profits ahead of the Railway Budget. Most of these stocks had run-up sharply in the run-up to the budget and profit booking is on expected lines.

Railways Minister Suresh Prabhu will be tabling his maiden Budget in the Lok Sabha today. He is likely to resist the temptation for big-ticket announcements and instead may come out with proposals for innovative funding to fund infrastructure projects when he presents the rail budget, reported TOI.

According to the report, the Budget may push forward the Modi government's reforms agenda and tough measures to bring the transporter's finances back on track, but it may not see an across-the-board hike in fares.

The minister is also expected to propose formation of special purpose vehicle (SPV) with states to identify critical rail projects for implementation when he presents his maiden Railway budget.

At 09:30 a.m.; Titagarh Wagons was 1.61 per cent higher, Texmaco Rail & Engineering was down 3.16 per cent, Kernex Microsystems was 0.21 per cent up, Kalindee Rail Nirman declined 4.47 per cent, Siemens slipped 0.79 per cent and Stone India was 2.18 per cent lower.