Railways related stock rally after President’s address

MUMBAI: Shares of railways related companies surged higher in trade and hit upper circuits after the President Pranab Mukherjee in his address to joint house of parliament stressed on the need to have an ambitious infrastructure development programme.

"Modernization and revamping of Railways is on top of the infrastructure agenda. My government will launch a Diamond Quadrilateral project of high speed trains. The country will have a network of freight corridors with specialised Agri-Rail networks for perishable agricultural products," the President said in his speech.

"Investment in railways will be increased using innovative financing methods. Expansion of railways in Hilly States and Northeast region and modernization of rail safety systems will be prime focus areas. We will encourage R&D and high level local manufacturing for railway systems," he added.

At 12:20 p.m.; Kalindee Rail was up 4.97 per cent, Texmaco Rail & Engineering surged 9.99 per cent, Kernex Microsystems rallied 4.97 per cent and Titagarh Wagons surged 4.99 per cent.